On the back of domestic consumption, gross GST collections grew by 8.5% year-on-year to ₹1.82 lakh crore in November. Every month, however, collections dipped by approximately 2.7%, down from ₹1.87 lakh crore in October.
Government sources explained that this month-on-month (MoM) dip is part of seasonal fluctuations observed every year. “In 2023, we saw a similar drop—from ₹1.72 lakh crore in October to ₹1.68 lakh crore in November 2023. Historically, the sharpest MoM increase occurs in April, while May sees the steepest fall,” they said.
November’s collections reflect business activity from October, a festive month including Dussehra and Diwali, which traditionally fuel higher consumption.
Looking at November 2024 numbers closely, the Central GST collection stood at ₹34,141 crore, State GST at ₹43,047 crore, Integrated IGST at ₹91,828 crore, and cess at ₹13,253 crore, according to data released by the Finance ministry.
Get the latest news updates and stay informed with FELA NEWS!
Source: CNBC
