Higher domestic transaction revenues drove an 8.5 per cent increase in GST receipts in November, which reached Rs 1.82 lakh crore. According to government statistics issued on December 1, the Central GST (CGST) collected was Rs 34,141 crore, the State GST (SGST) was Rs 43,047 crore, the Integrated IGST was Rs 91,828 crore, and the cess produced was Rs 13,253 crore.
According to the report, the overall gross GST income increased by 8.5 per cent to over Rs 1.82 lakh crore in November from Rs 1.68 lakh crore in the same month the previous year. GST from domestic transactions increased 9.4% to Rs 1.40 lakh crore during the reviewed month, while import tax receipts increased around 6% to Rs 42,591 crore. During the month, refunds of Rs 19,259 crore were given out, representing an 8.9% decrease from the same period last year.
Net GST collection rose by 11% to Rs 1.63 lakh crore after refund adjustments. The second-best GST mop-up in October was Rs 1.87 lakh crore, with an annual rise of 9%. Over Rs 2.10 lakh crore was collected in April 2024, the biggest amount ever. The amount of GST money collected in October represents an annual increase of 8.9 per cent over the same month last year. The amount of GST collected in September was Rs 1.73 lakh crore, representing an annual rise of 6.5 per cent.
According to a senior finance ministry source, Finance Minister Nirmala Sitharaman will chair the next GST Council meeting on December 21 in Jaisalmer. The Council was originally supposed to convene in November. The postponement is due to the Winter Session of Parliament and the Maharashtra and Jharkhand Assembly elections.
Two outstanding issues that have been discussed by the respective Group of Ministers are likely to be discussed at the GST Council meeting: the much-anticipated rate rationalization on certain mass-consumed items and the reduction of the goods and services tax on health and life insurance premiums from the current 18 per cent to zero. September 9 was the 54th meeting of the Council.
The Group of Ministers on Life and Health Insurance resolved to propose a full exemption of GST on health and life premiums at a meeting on October 19. At its October 19 meeting, the Group of Ministers on Rate Rationalization also proposed reducing the GST from 18 per cent to 5 per cent for packaged water exceeding 20 litres, from 12 per cent to 5 per cent for bicycles under Rs 10,000, and from 12 per cent to 5 per cent for exercise notebooks. The goal of this action is to cut the cost of necessities, particularly for middle-class and lower-income consumers.
