November GST Collections

Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on higher revenues from domestic transactions. The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore and cess at Rs 13,253 crore, according to government data released on Sunday. The total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in the same month a year ago, it said. In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore. During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore. Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 per cent decline over the year-ago period. Aft

GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022. "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)," the ministry said in a statement. The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October -- the second-highest collection ever since the GST rollout. Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.

Although the collection figures come as a breather for the government, it is lower than the expected collection rate needed to meet the steep target for FY20