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GST collection surges 15% YoY to Rs 1.68 trillion in November
Photo courtesy: IBNS File

GST collection surges 15% YoY to Rs 1.68 trillion in November

| @indiablooms | 02 Dec 2023, 12:48 am

New Delhi: Highlighting the ongoing robust activity in the Indian economy, the collection of goods and services tax (GST) witnessed a substantial 15% year-on-year surge in November.

This marked the most significant increase for any month in the current financial year, reaching Rs 1.68 trillion.

"The gross Goods and Services Tax (GST) revenue collected in the month of November, 2023 is Rs 1,67,929 crore out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 1,036 crore collected on import of goods).

"The government has settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. The total revenue of Centre and the States in the month of November, 2023 after regular settlement is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST," said Ministry of Finance in a statement.

In the course of the month, the earnings from domestic transactions, encompassing the import of services, have registered a 20% increase compared to the revenues generated from these channels in the corresponding month of the previous year.

The Ministry noted that this marks the sixth occasion in Fiscal Year 2024 where the gross GST collection has surpassed the Rs 1.60 lakh crore threshold.

The Ministry stated that the gross GST collection for Fiscal Year 2024 until November 2023, totaling Rs 13,32,440 crore with an average monthly collection of Rs 1.66 lakh crore, has seen a noteworthy increase of 11.9% compared to the gross GST collection for Fiscal Year 2023 until November 2022.

During that period, the collection amounted to Rs 11,90,920 crore, with an average monthly collection of Rs 1.49 lakh crore.

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