Driven by lower rates and policy reforms, India's Gross Goods and Services tax (GST) collections reached Rs 1,70,276 crore in November. This is a rise of 0.7 per cent on a year-on-year basis, official data revealed on Monday. Last month, at Rs 1.52 lakh crore, total net GST revenue was up 1.3 per cent.
Import-related IGST went up 10.2 per cent to Rs 45,976 crore, taking total gross GST revenue to Rs 1,70,276 crore, up 0.7 per cent from November last year. Net collections from exports and imports grew 11.6 per cent to Rs 36,521 crore.
Total net GST revenue for the April-November period this fiscal went up by 7.3 per cent to Rs 12.79 lakh crore.
Earlier, despite rate rationalisation, GST collections rose 4.6 per cent (year-on-year) in October at about Rs 1.96 lakh crore. October also made it the 10th consecutive month that revenues remained above the Rs 1.8 lakh crore mark.
GST collections went up 9 per cent to about Rs 13.89 lakh crore in the April-October period this fiscal, compared to Rs 12.74 lakh crore in the same period last fiscal (FY25).
October also saw robust consumer demand after the September 22 rate cuts towards broader tax and economic reforms. The government said the benefits of recent GST cuts have been extended to consumers in the festive season, as consumption is one of the key engines for growth.
Meanwhile, India has consolidated its position as the world's fastest-growing economy with the GDP rate surging to 8.2 per cent in the July-September quarter. This is despite the world facing the headwinds of uncertainty and slowing growth.
This is not a one-quarter phenomenon as the 8.2 per cent surge comes on the back of a robust 7.8 per cent growth in the first quarter to average 8 per cent GDP growth for the first half of 2025-26.
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