Good News for Indian Economy, GST Collection Rises by 8.5% to Over Rs 1.82 Trillion in November
A good news for the Indian economy has now come to light. India’s GST (Goods and Services Tax) collection rose by 8.5% to Rs 1.82 Trillion in November 2024. Increased GST collection means the strength of the Indian economy and increase in economic activity.
According to the data released by the Finance Ministry, this November collection took the total GST collection to Rs 14.57 Trillion between April and November. Last month i.e. October 2024, GST collection recorded a 9% increase. The total collection for October was Rs 1.87 Trillion, the second largest till date. An increase in domestic sales and better compliance were significant contributors to this.
How Much GST was Collected in October?
- Central GST (CGST): Rs.833821 crore
- State GST (SGST): Rs.841864 crore
- Integrated GST (IGST): ₹ 99,111 crore
However, increased GST collection allows the government to invest more in development activities. It helps improve basic services like roads, health and education. Higher GST collection indicates that demand and consumption in the economy is increasing. This is also a proof of growth in sales and services of the company. However, rising GST collections can also be a sign of inflation. Often companies pass the tax burden on to consumers, which increases prices.
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