Publish Date: December 8, 2023
The gross Goods and Services Tax (GST) collections surged to 15% to about Rs 1.68 lakh crore in November 2023 on increased domestic activity and backed by the festive season buying, as per the Finance Ministry. Comparatively, the GST mop-up was more than Rs 1.45 lakh crore in November 2022.
Of the Rs 1.68 lakh crore GST collection, Central Goods and Services Tax (CGST) is Rs 30,420 crore, State Goods and Services Tax (SGST) is Rs 38,226 crore, Integrated Goods and Services Tax (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).
However, the November 2023 collections are lower than Rs 1.72 lakh crore mopped up in October 2023, which was the second-highest collection ever since the GST rollout.
The gross GST collection till November in FY24 is Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month. The collection is 11.9% higher than the gross GST collection in the same period in 2022 (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month).
The recently released data highlights a substantial growth in Goods and Services Tax (GST) revenues for November 2023, with a significant 15% increase compared to the same month in 2022. This surge represents the highest year-on-year (YoY) growth for any month in the fiscal year 2023-24 up to November 2023, underscoring the robust economic performance and financial resilience during this period.
This remarkable YoY expansion in GST revenues indicates a positive economic trajectory, signaling heightened commercial activities and increased consumer spending. These revenue upticks crucially signify a thriving economy and showcase recovery from potential downturns.
The sustained elevation above the Rs 1.60 lakh crore mark for the sixth time in FY24 underscores the consistent and substantial financial contributions of the GST to the government’s coffers. The data paints an optimistic fiscal landscape, offering insights into the economic vibrancy and fiscal health during this period.
In November 2023, the Finance Ministry added that the revenues from domestic transactions (including import of services) are higher by 20% than the revenues from them during the same month in 2022.
It is the sixth time that the gross GST collection has breached the Rs 1.60 lakh crore mark in the current fiscal. It has been driven by a combination of factors, including a buoyant economy, persistent inflation. Also, deployment of Information Technology (IT) to zero in on evaders.