GST collections jump 15 pc to Rs 1,67,929 cr in Nov: Finance Ministry

New Delhi [India], December 1 : Good and Services Tax (GST) Revenue collection for November 2023 stands at Rs 1,67,929 lakh crore, recording the highest growth rate of 15 per cent Year-on-Year, an official statement issued by the Ministry of Finance said on Friday.
The Finance Ministry said that the gross GST collection crossed the Rs 1.60 lakh crore mark for the sixth time in FY 2023-24.
"The gross GST revenue collected in the month of November 2023 is Rs 1,67,929 crore out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, 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)," Finance Ministry said.
The Finance Ministry said that it has settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST.
"The total revenue of the Centre and the States in the month of November 2023 after regular settlement is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST," the ministry said.
According to the details of the data released, the revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023.
"During the month, the revenues from domestic transactions (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year. It is the sixth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in FY 2023-24. The gross GST collection for the FY 2023-24 ending November 2023 [Rs 13,32,440 crore, averaging Rs 1.66 lakh per month] is 11.9 per cent higher than the gross GST collection for the FY 2022-23 ending November 2022 [Rs 11,90,920 crore, averaging Rs1.49 lakh crore per month]," the finance ministry said.
Earlier Goods and Services Tax (GST) collections for October stood at Rs 1.72 lakh crore, which is the second highest ever.