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A good news has emerged for the Indian economy. India’s GST (Goods and Services Tax) collection has increased by 8.5% to Rs 1.82 lakh crore in November 2024. Increasing GST collection means strength of Indian economy and increase in economic activities. According to the data released by the Finance Ministry, this collection of November has taken the total GST collection from April to November to Rs 14.57 lakh crore.
Record collection was also done in October
In the last month i.e. October 2024 also, an increase of 9% was recorded in GST collection. The total collection for October was Rs 1.87 lakh crore, which was the second largest collection till date. Increase in domestic sales and better compliance had an important contribution in this.
October collection
Central GST (CGST): ₹33,821 crore
State GST (SGST): ₹41,864 crore
Integrated GST (IGST): ₹99,111 crore
Cess: ₹12,550 crore
What shows the increase in GST collection?
The increased GST collection gives the government an opportunity to invest more in development works. This can help in improving basic services like roads, health, and education. Moreover, higher GST collection shows that demand and consumption is increasing in the economy. This is also a proof of the growth in sales and services of companies. However, increasing GST collection can also be a sign of inflation. Often companies pass the tax burden on consumers, which increases prices.
Signs of improvement in GST
Recently, the Group of Ministers of the GST Council has submitted its report on the removal of GST on health insurance premium and changes in other rates. Decisions on this can be taken in the GST Council meeting to be held in Jaisalmer on 21st December. Talking about the major possible changes, removal of GST on health and life insurance or reducing the rates can be considered. Apart from this, it is proposed to reduce the GST rate on many everyday items from 12% to 5%.
