GST collection crosses Rs 1.6 lakh for 6th time in current fiscal

New Delhi: Crossing the Rs 1.6 lakh crore mark for the sixth time in the current financial year, the goods and services tax or GST revenue collections for November 2023 jumped 15 per cent to nearly Rs 1.68 lakh crore on an annual basis. This is the ninth month in a row that the GST mop-up has come in above the Rs 1.5-lakh-crore mark, the finance ministry said on Friday.

As per the statement, the GST revenue collection for November 2023 at Rs 1,67,929 crore records the highest growth rate of 15 per cent year-on-year (Y-o-Y). “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 for the sixth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in FY 2023-24,” the ministry said.

“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),” it said.

The government has settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. “The total revenue of 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,” it added.