Tax turbulence: Revenues take a hit in first full month of GST 2.0

Net revenues from the Goods and Services Tax (GST) crawled up 1.3 per cent year-on-year in November to Rs. 1.52 trillion, without factoring in GST Compensation Cess receipts, marking a sharp sequential moderation in revenues from the indirect tax in the first full month of economic activity under a rationalised rate structure.
Net GST Compensation Cess collections, reported separately for this month, slipped a sharp 69.06 per cent to Rs. 4,006 crore from nearly Rs. 13,000 crore a year ago. Including the cess receipts, overall net GST collections were down 4.25 per cent from November 2024.
Government sources sought to