India’s Goods and Services Tax (GST) collections saw an 8.5% increase in November 2024, reaching over $21.74 billion. This growth was primarily driven by higher revenues from domestic transactions. The detailed breakdown of collections includes Central GST at $4.08 billion, State GST at $5.15 billion, Integrated GST at $10.97 billion, and cess at $1.58 billion. In comparison, November 2022 saw collections of $21.05 billion.
Revenue from domestic transactions grew by 9.4% to $16.73 billion, while import tax revenues rose by about 6% to $5.09 billion. Refunds in November amounted to $2.30 billion, showing an 8.9% decrease compared to the previous year. After accounting for the refunds, net GST collections increased by 11% to $19.47 billion. These consistent growth trends reflect a strengthening economy and improved compliance among taxpayers, benefiting the country’s overall fiscal health.
