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

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

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.