GST collection rises 15% in Nov to Rs 1.68 lakh cr

GST revenue collection for November 2023 came at nearly Rs 1.68 lakh crore, which is a 15% jump on an annual basis, said government on Friday. Gross GST collection crossed Rs 1.6 lakh crore mark for the sixth time in FY24.

"The gross Goods and Services Tax (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 government has 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 is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST," said Ministry of Finance in a statement.

During the month, the revenues from domestic transactions (including import of services) are 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 ₹1.60 lakh crore mark in FY24, the ministry added.

The gross GST collection for the FY24 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 FY23 ending November, 2022 (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month), said the ministry.