The benefit of the festive season being in October and November can be seen in the GST collection data for the month of November. The central government can release the data of GST collection for the month of November today.
According to the forecast made in this regard, the figure of GST collection in the month of November may reach the level of Rs 1.45 lakh crore. If these forecasts turn out to be correct, then for the first time in the last 4 years after the introduction of the GST regime, the GST collection will reach this bumper level.
Experts say that due to the festive season during the month of October-November, there has been a lot of shopping in the market. This purchase can be estimated from the fact that e-bills worth Rs 7.35 lakh crore were issued in the month of October. The GST revenue generated under the e-bill is deposited in the government's account in the next month. It is clear from this that the GST revenue released on account of e-bills of Rs 7.35 lakh crore came into the account of the government in the month of November. Whereas the government also received GST from normal purchases made in the month of November. On this basis, the forecast of GST states that the figure of GST collection in the month of November may also cross Rs 1.45 lakh crore.
Let us tell you that since the introduction of GST in July 2017, the highest collection during 1 month has been Rs 1.41 lakh crore. This record of GST collection was made in the month of April this year. As far as the first month of November is concerned, the total GST collection in October was Rs 1.30 lakh crore. According to the forecasts of the government, this figure may increase by up to Rs 15 lakh crore in the month of November.