GST collections jumped 11% at 1.46 lakh crore in November: FinMin

Published on Dec 01, 2022 04:38 PM IST

The GST collections in November stayed above the ₹1.4 lakh crore figure for the ninth consecutive month, the finance ministry said in a statement on Thursday

The finance ministry said the revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year (ANI File Photo)
The finance ministry said the revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year (ANI File Photo)

NEW DELHI: The Goods and Services Tax (GST) collections in November saw an 11% year-on-year growth at around 1,45,867 crore, surpassing the 1.40 lakh crore figure for the ninth consecutive month, according to an official statement.

The revenues for the month of November 2022 are 11% higher than the GST revenue of 1.31,526 crore in the same month last year, the union finance ministry said.

However, the GST collections in the previous month (October 2022) had seen a 16.6% year-on-year growth at around 1.52 lakh crore, the second highest monthly revenue crossing the 1.50 lakh crore mark for the second time and the 1.40 lakh crore figure for the eighth consecutive months on increased festive sales and better tax administration.

During November 2022, revenues from import of goods was 20% higher and the revenues from domestic transactions (including import of services) are 8% higher than the revenues from these sources during the same month last year, the statement said.

The gross GST revenue collected in the month of November 2022 is 1,45,867 crore, of which central GST (CGST) is 25,681 crore, state GST (SGST) is 32,651 crore, integrated GST (IGST) is 77,103 crore (including 38,635 crore collected on import of goods) and cess is 10,433 crore (including 817 crore collected on import of goods), it said.

The government has settled 33,997 crore to CGST and 28,538 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements in the month of November 2022 is 59678 crore for CGST and 61189 crore for SGST. In addition, the Centre also released 17,000 crore as GST compensation to States/UTs in November 2022.

SHARE THIS ARTICLE ON
SHARE
Story Saved
OPEN APP
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Tuesday, January 31, 2023
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals