GST Revenue Collection Posts Highest Growth Rate Of 15% YoY In November To Rs 1,67,929 lakh crore

Indian government achieved gross GST revenue collection of Rs 1,67,929 crore crore in November 2023. This would be the sixth time GST revenue collection has crossed the Rs 1.6 lakh crore mark. The revenues for November 2023 are 15% higher than the GST revenues in the same month last year and highest for any month year-on-year during 2023-24, up to November 2023.

Of the total revenue collected in November, 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 Rs1,036 crore collected on import of goods). {image-
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Also, in the month under review, the revenues from domestic transactions (including import of services) are 20% higher than the revenues from these sources during the same month last year.

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

Moreover, the gross GST collection for the FY 2023-24 ending November 2023 came in at Rs 13,32,440 crore, averaging Rs 1.66 lakh per month -- which is 11.9 % higher than the gross GST collection for the FY 2022-23 ending November 2022 where it stood at Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month.