GST revenue rose 15% YoY to ₹1.68 Lakh Cr in November

According to the Finance Ministry, India’s goods and services tax revenue rose 15% year-on-year to Rs 1.68 lakh crore in November 2023.

This is the sixth time that gross GST collections have crossed the ₹1.60 lakh crore mark in the current financial year. Gross GST collections collected in October 2023 stood at ₹1.72 lakh crore, the second highest ever after April 2023 when GST collections stood at ₹1.87 lakh crore.

In the month of November, receipts from domestic transactions (including service imports) were 20% higher than receipts from these sources in the same month last year, a Finance Ministry statement said.

The gross GST revenue collected in the month of November 2023 is ₹1,67,929 crore, 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 taxes amount to ₹12,274 crore (including ₹1,036 crore collected on import of goods).

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

The gross GST collection for the financial year 2023-24 ending November 2023 (₹ 13,32,440 crore, an average of ₹ 1.66 lakh per month) is 11.9% higher than the gross GST collection for the year ending November 2022 ending financial year 2022-23 (₹11.00). 90,920 crore, an average of ₹1.49 lakh crore per month), says the finance ministry.

On Thursday, the government announced that it has received ₹15,90,712 crore (58.6% of corresponding fiscal estimate 2023-24 of total revenue) till October 2023, generating tax revenues of ₹13,01,957 crore (net to the Centre) and ₹2,655 crore. ₹765 crore represents non-tax income and ₹22,990 crore represents non-leverage capital income. Non-leveraged capital income consists of loan repayment of ₹14,990 crore and other capital income of ₹8,000 crore.

The central government has transferred ₹5,28,405 crore to state governments as part of tax transfer till this period, which is ₹93,966 crore more than the previous year. “The total expenditure of the Government of India is ₹23,94,412 crore (53% of corresponding BE 2023-24), of which ₹18,47,488 crore is on revenue account and ₹5,46,924 crore is on capital account. Of the total revenue, ₹5,45,086 crore is from interest payments and ₹2,31,694 crore is from major subsidies,” the finance ministry said.

Sybil Alvarez

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