Gross GST collection in November rose 11 percent year-on-year to Rs 1.46 lakh crore, according to official data released on Thursday. This is the ninth consecutive month in which GST collections have remained above Rs 1.40 lakh crore. As of November 2021, the total collections of Goods and Services Tax (GST) amounted to Rs 1,31,526 crore.
“Gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore, of which CGST is Rs 25,681 crore, SGST is ₹32,651 crore, IGST is Rs 77,103 crore (including Rs 38,635 crore collected from importation of goods) and Cess is Rs 10,433 crore (including Rs 817 crore collected on importation of goods),” the finance ministry said in a statement on Thursday.
The government has paid Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement. The total revenue of Center and the United States after regular settlements in the month of November 2022 is Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST. Moreover, in November 2022, the Center had also released Rs 17,000 crore as GST compensation to states/UTs.
Abhishek Jain, Partner (Indirect Taxes) at KPMG, said: “In line with expectations, GST collections in the month of November also experienced decent growth compared to last year. etc. would have played an important part in the revival.”
The Ministry of Finance said revenue for November 2022 is 11 percent higher than GST revenue in the same month last year, which itself was Rs. 1,31,526 crores. During the month, revenues from imports of goods were 20 percent higher and revenues from domestic transactions (including imports of services) are 8 percent higher than revenues from these sources in the same month last year.
Saloni Roy, partner at Deloitte India, said: “India has clocked a healthy Rs 1.5 lakh crores in monthly GST collections, though this month’s collection was slightly below what is now almost the norm. Healthy, regular and robust GST collections are a mirror of the economy’s performance. So far, India’s story seems shielded from global economic trends and shows that domestic demand continues to follow a positive trajectory.”
GST collection had reached an all-time high of almost Rs 1.68 lakh crore in April. In October last year, revenues exceeded Rs 1.30 lakh crore.
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