GST Collections Rise in November 2023
India's Goods and Services Tax (GST) collections witnessed an 8.5% increase in November 2023, reaching Rs 1.82 lakh crore. This growth was primarily driven by higher revenues from domestic transactions.
Central GST (CGST): Rs 34,141 crore
Rs 43,047 crore
Rs 91,828 crore
Rs 13,253 crore
GST revenue from domestic transactions grew by 9.4% to Rs 1.40 lakh crore, while tax on imports rose by 6% to Rs 42,591 crore. This indicates a robust domestic economy and increased consumer spending.
During November 2023, GST refunds amounted to Rs 19,259 crore, reflecting an 8.9% decline compared to the previous year. After adjusting for refunds, the net GST collection increased by 11% to Rs 1.63 lakh crore.
The November 2023 collection is the second-highest GST mop-up, following the record collection of Rs 2.10 lakh crore in April 2024. It also surpasses the October 2023 collection of Rs 1.87 lakh crore, which saw a 9% annual growth.
Lowering GST on health and life insurance premiums to nil from the current 18%.
Rate rationalization on mass-consumed items, including packaged water, bicycles, and exercise notebooks.
These measures aim to make essential products more affordable and boost economic activity.