GST Collection: The effect of GST cut has been seen in the country in the month of November. According to government data released on December 1, Goods and Services Tax (GST) collection increased slightly to Rs 1,70,276 crore in November. This is 0.7 percent more than November last year. However, GST collection in October was Rs 1,95,936 crore. The collection in November 2024 was Rs 1,69,016 crore.
In the November GST collection, the share of Central Goods Services Tax (CGST) was Rs 34,843 crore, the share of State Goods Services Tax (SGST) was Rs 42,522 crore and the share of Integrated Goods Services Tax (IGST) was Rs 92,910 crore.
Huge decline in cess collection
At the same time, the income from cess was Rs 4,006 crore in November. A year ago i.e. in November 2024 it was Rs 12,950 crore. In November, the government has issued GST refund of Rs 18,196 crore. This has registered a decrease of 4 percent as compared to the refund of Rs 18,954 crore issued in the same period last year. After refund, the net GST collection in November was Rs 1,52,079 crore, whereas in November last year it was Rs 1,50,062 crore.
GST reform was implemented in September
GST reforms implemented in September have also affected the collection. The reason for decline in GST collection on monthly basis is believed to be the implementation of GST reforms by the government from September 22 and the beginning of the festive season. Generally, GST collection of the month after Diwali decreases due to lack of festive sales.
Now two GST slabs
In September, the government had reduced the number of slabs from four – 5 per cent, 12 per cent, 18 per cent and 28 per cent to two – 5 per cent and 18 per cent. Also, 40 percent tax has been imposed on luxury goods. At the same time, the government has abolished cess on most of the goods, due to which there has been a big decline in cess income in November as compared to last year.
