GST collection rises 15 pc YoY in Nov to Rs 1.68L cr

New Delhi: Aided by festive season demand and anti-evasions measures by the government, the goods and services tax (GST) collection rose 15% year-on-year to Rs 1.68 lakh crore in November 2023.

“The gross 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),” Finance Ministry said in a statement on Friday.

As per the official release, the government 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 was Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST.

During the month of November this year, the revenues from domestic transactions (including import of services) were 20% higher than the revenues from these sources during the same month last year. It is for the sixth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24.

“The gross GST collection for the FY 2023-24 ending November, 2023 (Rs 13,32,440 crore, averaging Rs 1.66 lakh per month) is 11.9 % higher than the gross GST collection for the FY 2022-23 ending November, 2022 (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month,” the official statement said.


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