GST collections soars to record High: November sees 15% surge, crosses Rs 1.6 Lakh Crore mark

The Goods and Services Tax (GST) collections for November 2023 have witnessed an impressive uptick, marking a 15% increase compared to the same period last year. The government announced that the gross GST collection surpassed the Rs 1.6 lakh crore milestone for the sixth time in the fiscal year 2023-24, showcasing a robust financial performance.

According to the Ministry of Finance, the total gross GST collection for November reached Rs 1,67,929 crore. This figure includes Rs 30,420 crore under Central GST (CGST), Rs 38,226 crore under State GST (SGST), Rs 87,009 crore under Integrated GST (IGST), and Rs 12,274 crore as cess. Notably, Rs 39,198 crore of IGST was collected on the import of goods. The government settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST, resulting in a total revenue of Rs 68,297 crore for CGST and Rs 69,783 crore for SGST after regular settlement.

The Ministry highlighted that domestic transactions, including the import of services, contributed significantly to the revenues, witnessing a 20% increase compared to the same month in the previous year. This marks the sixth instance in FY24 that the gross GST collection has exceeded the Rs 1.6 lakh crore mark.

For the fiscal year ending November 2023, the cumulative gross GST collection stands at Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month. This reflects an impressive 11.9% growth compared to the corresponding period in the previous fiscal year, which recorded Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month.