India’s revenue collection through Goods and Service Tax (GST) counted Rs 103459 crore in November after going for three months under the trillion- mark. The October GST collection was Rs 95380 crore. It was Rs 91916 crore and Rs 98202 crore in October, and September respectively. After two consecutive months of negative growth, the GST collection, in November 2019, registered a 6.1 percent growth rate versus November 2018.
The positive GST growth rate may tempt to believe a recuperating Indian economy that has been countering disappointing indicators in the last six months. The GDP growth rate has dropped to a six-year low 4.5 percent in the July- September quarter. Industrial output, in the core eight sectors, has declined by 5.8 percent in October 2019 over October last year.
The report, released on 1st December, mentions 12 percent GST revenue growth in the domestic transactions, highest in the year. GST growth continues to be on the negative side, but the rate at -13 percent in November is an improvement as in October it was -20 percent.
This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs one lakh crore. Also, November 2019 collection is the third-highest monthly collection since the introduction of GST, next only to April 2019 and March 2019collections.
As per the official report, The gross GST revenue collected in the month of November 2019 is Rs 1,03,492 crore of which CGST is Rs 19,592crore, SGST is Rs 27,144crore, IGST is Rs 49,028crore (including Rs 20,948crore collected on imports). The Cess collection is Rs7,727 crore (including Rs 869 crore collected on imports).