GST collection in Nov may scale 2nd highest level on the back of robust festive sales: Official
India's Goods and Services Tax (GST) collection for November 2024 is expected to surpass Rs 1.87 lakh crore, recorded in October, making it the second-highest monthly collection ever. The anticipated growth in GST revenue is attributed to robust domestic sales during the festive season, a senior government official said.
“So far, approximately Rs 1.70 lakh crore in GST collection has been received for November,” the official said, stressing that some revenue inflows, especially from Maharashtra and Jharkhand, are still pending due to the ongoing elections.
“The previous month’s collection was good, and November’s GST collection, which reflects consumption from October’s festive season, is expected to be slightly higher than Rs 1.87 lakh crore. However, crossing the Rs 2-lakh-crore mark may be difficult.”
The Goods and Services Tax collection had hit the Rs 2.1-lakh-crore mark earlier in April.
Domestic GST revenue collection, typically accounted for until the 20th of every month, witnessed significant growth fuelled by heightened consumption during the festive season. “October consumption is always fantastic, and that will reflect in November’s GST collection figures. Imports also tend to pick up in the last 10 days of the month, contributing further to the revenue,” the official elaborated.
