India's GST revenue for November 2024 recorded a significant growth of 8.5% compared to November 2023, reaching a total of ₹1,82,269 crore. This steady rise underscores robust economic activity and improved compliance under the indirect tax regime.
Key Highlights of November 2024 GST Revenue
Gross Revenue:
- CGST: ₹34,141 crore (up from ₹30,420 crore in November 2023)
- SGST: ₹43,047 crore (up from ₹38,226 crore)
- IGST: ₹91,828 crore, including ₹41,736 crore collected on imports.
- Cess: ₹13,253 crore, with ₹855 crore from imports.
State-wise Performance:
- Sikkim led growth with a 52% increase, followed by Lakshadweep's 1,120% rise, driven by infrastructure development.
- Major contributors like Maharashtra (17%) and Karnataka (15%) also showed strong performance.
- Declines were noted in states like Arunachal Pradesh (-23%) and Nagaland (-22%), reflecting localized economic challenges.
Refunds Issued:
- Domestic refunds dropped by 19.6%, amounting to ₹10,111 crore.
- Export refunds through ICEGATE grew by 6.8%, totaling ₹9,147 crore.
Net Revenue Growth:
- Net domestic GST revenue surged by 12.5%, highlighting higher consumer demand and business activity.
- Net customs revenue saw a moderate growth of 5.6%, reaching ₹33,444 crore.
Year-to-Date Performance (April–November 2024):
- Cumulative gross GST collections reached ₹14,56,711 crore, up by 9.3% compared to the same period in the previous year.
Conclusion
The steady growth in GST collections reflects India's strong post-pandemic economic recovery, increased formalization of businesses, and improved compliance. With enhanced digital infrastructure and targeted anti-evasion measures, the government is poised to maintain this growth trajectory.
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