After the sluggish pace of the economy in the second quarter, the figures of GST collection released by the government in November 2024 are considered to be correct. Goods and Services Tax (GST) collections stood at Rs 1,82,269 crore in November, according to data released by the Central Statistics Office (GST). Although this is 8.5 per cent higher than in November 2023, the pace of growth is lower than the 8.9 per cent recorded in October 2024.
GST collection in November
November is the festive season in many regions of the country and there is usually more collection than festive demand. The central government has said two days ago that the country’s economic growth rate is estimated to be 5.4 percent in the second quarter (July-September) of the current financial year 2024-25. This is the lowest growth rate in the last seven quarters. After this, many economic research agencies have reduced the economic growth rate estimate for the current financial year from 7.2 percent to 6-6.5 percent.
Finance Ministry released figures
According to the data released by the Finance Ministry on Sunday, the Central GST was Rs 34,141 crore, State GST was Rs 43,047 crore, Integrated IGST was Rs 91,828 crore, Surcharge was Rs 13,252 crore. If we talk about April to November 2024, the total amount of GST collection has been Rs 14,56,711 crore, which is an increase of 9.2 percent. However, it may be a matter of little concern for the government that the GST collection in the last month is less than the Rs 1.87 lakh crore recorded in October, 2024. The growth rate is about 0.5 percent lower.
In the first month of this financial year, GST collection of Rs 2.10 lakh crore was recorded. But by September 2024, it had come down to just Rs 1.73 lakh crore (an increase of 6.5 per cent). It remains to be seen whether the pace of 8.5-9 percent in the festive season can be maintained or not.
