 "goods and services tax, gst")
Goods and services tax (GST) collection came down in November to Rs 1.45 trillion as against Rs 1.52 trillion in October, but remains more than the Rs 1.4-trillion mark for the ninth straight month, the official data released on Wednesday showed.
The revenues for November were 11 per cent higher than what they were a year ago. In November 2021, collection was Rs 1.31 trillion.
The latest GST numbers pertain to transactions made in October.
However, collection in November was the lowest since August. Collection in September and October was Rs 1.48 trillion and Rs 1.52 trillion, respectively.
According to experts, the month-on-month decline is because collection in October had benefited from festive demand.
Also Read
“The sequential dip reflects the boost from quarter-end payments in the latter month, as the inflows in each month pertain to the activity in the previous month,” said Aditi Nayar, chief economist, ICRA.
Moreover, while festive spending is assessed to have been high in October, the generation of e-way bills had moderated sequentially, given the higher number of holidays in the month, she said.
E-way bill generation, which is considered a high-frequency indicator, declined in October to 76.8 million from 84 million in September.
She added GST inflows in November printed in line with “our expectations”.
Of the gross GST mop-up in November, central GST (CGST) was Rs 25,681 crore, state GST (SGST) Rs 32,651 crore, integrated GST (IGST) Rs 77,103 crore (including Rs 38,636 crore collected on import of goods), and cess Rs 10,433 crore (including Rs 817 crore collected on import of goods).
“During the month, revenues from import of goods (were) 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year,” the finance ministry said on Thursday while releasing the provisional data.
The revenues of the Centre and the states after regular settlements in the month stood at Rs 59,678 crore for CGST and Rs 61,189 crore for SGST.
“The latest figures indicate there is no effect of recession on the Indian economy so far. IGST on imports has been down 6-8 per cent this month compared to the last four months (except October, which was a festive month), which is an indicator that India is moving towards a more self-reliant economy,” said Saurabh Agarwal, tax partner, EY India.
The Centre had released Rs 17,000 crore as GST compensation to states during the month.
GST touched a record of about Rs 1.68 trillion in April. The Budget 2022 had set a CGST target of Rs 6.6 trillion, excluding compensation cess.
