GST revenue rises 11% to ₹1.46 lakh cr in Nov

The government collected gross GST (Goods and Services Tax) revenue of ₹1,45,867 crore in November 2022, an increase of 11% year-on-year from ₹1,31,526 crore in the same period last year, the finance ministry's latest data showed. The monthly GST revenue collection has surged past ₹1.4 lakh crore for the 9th month in a row.

The Centre had grossed the second-highest monthly GST revenue in October 2022 at ₹1,51,718 crore, which was up 16.6% on a YoY basis. In September, the gross GST revenue collected stood at ₹ 1,47,686 crore, of which CGST (Central Goods and Services Tax) was ₹25,271 crore, SGST (State Goods and Services Tax) was ₹31,813 crore, and IGST (Integrated Goods and Services Tax) was ₹80,464 crore.

Of the total GST collection, CGST stood at ₹25,681 crore, SGST at ₹32,651 crore, IGST at ₹77,103 crore, including ₹38,635 crore collected on import of goods. Cess for the month stood at ₹10,433 crore, including ₹817 crore collected on import of goods.

The ministry said the government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement.

The Centre and states' total revenue after regular settlements in November 2022 stood at ₹59,678 crore for CGST and ₹61,189 crore for the SGST, said the ministry, adding that the Centre also released ₹17,000 crore as GST compensation to states/UTs in November 2022.

The total amount of compensation released to the states/UTs so far during the year 2022-23 stand at ₹1,15,662 crore. "This is despite the fact that total Cess collection till October 2022 is only ₹72,147 crore and the balance of ₹43,515 crore is being released by the Centre from its own resources," says the ministry.

"The revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year, which itself was ₹1,31,526 crore. During the month, revenues from import of goods were 20% higher and the revenues from the domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year," the ministry said.

Meanwhile, as part of the budget recommendation, the Kerala government has asked the Centre for a distinctive flexible fund pool earmarked in the Union Budget 2023-24 for the states, from which, devolutions can be made with respect to the state-specific demands or proposals that address the new generation issues being faced by the respective states.

The state also sought to change the GST revenue sharing ratio from the present 50:50 to 60:40 between the states and the Union and reiterated its demand for a five-year extension of the GST compensation period.