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India's GST Collection Rises By 15 Per Cent To Over Rs 1.67 Lakh Crore In November; Highest Monthly Growth In FY24
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The gross GST revenue collected in the month of November 2023 is Rs 1,67,929 crore, marking the highest monthly year-on-year growth rate of 15 per cent during 2023-24.
Out of the Rs 1.67 lakh crore GST collection, 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), according to a Finance Ministry release.
The government has settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST, the Finance Ministry said.
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.
According to the ministry, the revenues for the month of November, 2023 are 15 per cent higher than the GST revenues in the same month last year and highest for any month year-on-year during 2023-24, upto November 2023.
During the month, the revenues from domestic transactions (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year, the ministry said.
Further, it is for the sixth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24.
The most recent GST data brings the average monthly collection for the fiscal year 2023-24 to Rs 1.67 lakh crore.
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