A good news has come 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 the Indian economy and acceleration in economic activities. According to the data released by the Finance Ministry, this November collection has taken the total GST collection from April to November to Rs 14.57 lakh crore.

There was a record collection in October as well

Last month i.e. in October 2024, there was an increase of 9% in GST collection. The total collection of October was Rs 1.87 lakh crore, which was the second largest collection till date. The boom in domestic sales and better compliance contributed significantly to this.

October's collection

Central GST (CGST): ₹33,821 crore

State GST (SGST): ₹41,864 crore

Integrated GST (IGST): ₹99,111 crore

Cess: ₹12,550 crore

What does the increase in GST collection show?

Increased GST collection gives the government an opportunity to invest more in development work. This can help improve basic services like roads, health, and education. Apart from this, high GST collection shows that demand and consumption is increasing in the economy. It is also evidence of the growth in sales and services of companies. However, increasing GST collection can also be a sign of inflation. Often companies pass on the burden of tax to consumers, which increases prices.

Signs of improvement in GST

Recently, the ministerial group of the GST Council has submitted its report on the removal of GST on health insurance premium and changes in other rates. Decisions can be taken on this in the GST Council meeting to be held in Jaisalmer on December 21. Talking about the major possible changes, it can be considered to remove GST on health and life insurance or reduce the rates. Apart from this, there is a proposal to reduce the GST rate on many everyday items from 12% to 5%.