In worrying signs indicative of a possible economic slowdown, the GST revenue collection for the month of November this year recorded a significant 14 per cent drop compared to the same month last year.
According to government released figures, GST collection in November 2022 was Rs 447 crore. It was Rs 518 crore last year, largely fuelled by the brief boom in tourist arrivals in the State following the first two lockdowns induced by the pandemic were lifted.
The Rs 447 crore GST collections this November, however, are marginally higher than the Rs 420 crore aggregate GST collections in October 2022.
Interestingly, GST collections nationwide had increased in November this year by an average 11% year-on-year, the numbers released by the Central government said.
Revenues from import of goods were 20% higher while domestic transactions, including import of services, yielded 8% higher taxes than November 2021.
State GST collections in November accounted for Rs 32,651 crore of revenues, while the Integrated GST kitty was Rs 77,103 crore, including Rs 38,635 crore collected on import of goods.