look news india
GST Collection: December has started and the first day of the month has brought good news for the Modi government. On the first date, the government has released the data of Goods and Services Tax i.e. GST collection for November. According to the data, GST collection has increased by 8.5 percent in the month of November and Rs 1.82 lakh crore has come to the government treasury. Earlier in the month of October, the government had received a huge amount from GST collection and this record was Rs 1.87 lakh crore. Whereas in September 2024 this figure was Rs 1.62 lakh crore.
According to PTI, the government has received more revenue from domestic transactions in the month of November and its effect has been seen in the form of increase in GST collection. According to the data released by the government on Sunday, Central GST collection was Rs 34,141 crore, State GST collection was Rs 43,047 crore, Integrated IGST was Rs 91,828 crore and Cess was Rs 13,253 crore.
October collection
Central GST (CGST): ₹33,821 crore
State GST (SGST): ₹41,864 crore
Integrated GST (IGST): ₹99,111 crore
Cess: ₹12,550 crore
Hints of GST reform
Recently, the Group of Ministers of the GST Council has submitted its report on abolition of GST on health insurance premium and changes in other rates. A decision on this can be taken in the GST Council meeting to be held in Jaisalmer on 21st December. Among the major potential changes, removal of GST or rate cuts on health and life insurance could be considered. Apart from this, there is a proposal to reduce the GST rate on many everyday items from 12% to 5%.