GST collections rise 15% y-o-y to ₹1.68 lakh cr in November

India's goods and services tax collections rose 15% year-on-year to ₹1.68 lakh crore in November 2023, according to data released by the finance ministry.

This is the sixth time that gross GST collections have crossed the ₹1.60 lakh crore mark during the ongoing fiscal. The gross GST revenue collected in the month of October 2023 stood at ₹1.72 lakh crore, the second highest ever after April 2023 when GST collection came in at ₹1.87 lakh crore.

During the month of November, the revenues from domestic transactions (including import of services) are 20% higher than the revenues from these sources during the same month last year, the ministry of finance says in a statement.

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

The government has settled ₹37,878 crore to CGST and ₹31,557 crore to SGST from IGST. The total revenue of the Centre and the states in the month of November, 2023 after regular settlement is ₹68,297 crore for CGST and ₹69,783 crore for the SGST.

The gross GST collection for the financial year 2023-24 ending November 2023 (₹13,32,440 crore, averaging ₹1.66 lakh per month) is 11.9 % higher than the gross GST collection for the FY 2022-23 ending November 2022 (₹11,90,920 crore, averaging ₹1.49 lakh crore per month), the finance ministry says.

On Thursday, the government said it has received ₹15,90,712 crore (58.6% of corresponding Budget Estimate 2023-24 of Total Receipts) up to October 2023 comprising ₹13,01,957 crore tax revenue (Net to Centre), ₹2,65,765 crore of non-tax revenue and ₹22,990 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans ₹14,990 crore and miscellaneous capital receipts of ₹8,000 crore.

The central government has transferred ₹5,28,405 crore to state governments as devolution of share of taxes up to this period which is ₹93,966 crore higher than the previous year. “Total Expenditure incurred by Government of India is ₹23,94,412 crore (53% of corresponding BE 2023-24), out of which ₹18,47,488 crore is on Revenue Account and ₹5,46,924 crore is on Capital Account. Out of the Total Revenue Expenditure, ₹5,45,086 crore is on account of Interest Payments and ₹2,31,694 crore is on account of Major Subsidies,” the finance ministry said.