GST Collection: Net GST collection up 11%, refunds down 8.9%; Maharashtra first, UP sixth

New Delhi| The government has earned more than Rs 1.82 lakh crore in November, 2024 through GST collection due to higher revenue from domestic transactions. At the same time, net GST collection after refund adjustment reached Rs 1.63 lakh crore. This figure is 11 percent higher than in November, 2023.

GST revenue from domestic transactions rose 9.4 per cent to Rs 1.40 lakh crore last month, according to data released by the Finance Ministry on Sunday. At the same time, revenue collection from tax on imports increased by almost six per cent to Rs 42,591 crore. On the refund front, however, November has seen an 8.9 per cent year-on-year decline. Refunds totalling Rs 19,259 crore were issued during this period.

According to the data, a total GST collection of Rs 14.57 lakh crore has taken place in the first eight months of the current financial year i.e. April-November period. Net GST collections during this period increased to Rs 12.90 lakh crore from Rs 11.81 lakh crore in the same period a year ago.

UPI transaction volumes have fallen by seven per cent and value by eight per cent in November, 2024 after hitting an all-time high in October due to festive sales. According to data from National Payments Corporation of India, a total of 15.48 billion transactions worth Rs 21.55 lakh crore took place through UPI last month. There were a record 16.58 billion UPI transactions worth Rs 23.5 lakh crore in October, 2024. Moreover, IMPS transactions also declined by 13 per cent in volume terms to 40.8 crore, while in value terms it declined by 11 per cent to Rs 5.58 lakh crore. However, transactions through Fastag registered a 4 per cent increase in volume terms.