Centre Mops Up Rs 1.68 Lakh Crore GST In Nov 2023, Records Highest-Ever Year-On-Year Growth Of 15%
The November 2023 collection showed a slight dip from the Rs 1.72 lakh crore mopped up in October, marking the second-highest collection since the initiation of GST.
The Centre mopped up Rs 1.68 lakh crore in GST collections in November 2023 at a year-on-year growth rate of 15%, the Ministry of Finance said on Friday. This is the highest year-on-year growth rate for GST collection. In November 2022, the Goods and Services Tax (GST) collection was to the tune of Rs 1.45 lakh crore.
According to a statement by the Ministry of Finance, "The total gross GST revenue collected in November 2023 stands at Rs 1,67,929 crore. This comprises CGST at Rs 30,420 crore, SGST at Rs 38,226 crore, IGST at Rs 87,009 crore (including Rs 39,198 crore garnered from the import of goods), and cess at Rs 12,274 crore (which includes Rs 1,036 crore from the import of goods)."
While the November 2023 collections showed a slight dip from the substantial Rs 1.72 lakh crore achieved in October, marking the second-highest collection since the initiation of GST, the figures still signify a significant increase of 15% compared to the same month last year. This establishes the November 2023 revenues as the highest year-on-year for any month in the fiscal year 2023-24, up to November 2023, as per the ministry's announcement.
The government undertook settlements, allocating Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. Post these regular settlements, the combined revenue of the Centre and the states for November 2023 stands at Rs 68,297 crore for CGST and Rs 69,783 crore for SGST, the Ministry stated.
November 2023 recorded a 15% increase in revenues compared to the GST figures for the same month in the previous year. Notably, this marks the highest revenue for any month year-on-year in the fiscal year 2023-24, up to November 2023. The revenues from domestic transactions, including the import of services, witnessed a significant surge, registering a 20% increase compared to the same month last year. This marks the sixth instance where the gross GST collection has surpassed the Rs 1.60 lakh crore mark in FY 2023-24.
The cumulative gross GST collection for FY 2023-24, concluding in November 2023, amounts to Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month. This signifies an 11.9% growth compared to the gross GST collection for FY 2022-23, concluding in November 2022, which stood at Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month.
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