Chennai: The Centre has paid a total of Rs 6.42 lakh crore to states till November as their share of GST collections along with the compensation cess. The gross GST collections till November stood at Rs 14.56 lakh crore.
At the end of November, the gross GST collected by the Centre stood at Rs 14.56 lakh crore. Of this, domestic collections clocked Rs 11.04 lakh crore and that from imports were Rs 3.51 lakh crore. In FY24, the Centre collected gross GST of Rs 20.18 lakh crore. In FY22, the gross GST collection for the entire fiscal was Rs 14.83 lakh crore, the government informed Lok Sabha.
Till October, gross GST was Rs 12.74 lakh crore and after paying the refunds of Rs 1.46 lakh crore, the net GST was Rs 11.27 lakh crore.
Of the gross GST till November, Centre distributed Rs 6.42 lakh crore to the states as their share of SGST and IGST as well as compensation. In FY24, this share of gross GST was Rs 8.74 lakh crore.
Of the net GST, which includes CGST and IGST, Rs 5.11 lakh crore has been retained by the Centre. This does not include cess collected as compensation to states. In FY24, Centre had retained Rs 8.15 lakh crore from net GST.
GST collection consists of CGST, SGST or IGST depending upon intra-state or inter-state supply of Goods or services. CGST collected is credited to Consolidated Fund of India (CFI) while SGST collected is credited directly to the Consolidated Fund of respective States. As far as interstate supply of goods or services including imports is concerned, IGST is being levied and collected by the Centre. The IGST, so collected, is apportioned or settled between the Union and the States/UTs on a monthly basis, on the basis of place of consumption and cross utilization.
Depending upon the amount of IGST remaining un-apportioned, provisional/advance settlement is done between Centre and States or Union Territories in the ratio of 50:50. Further, 42 per cent of Centre's portion of GST is devolved to states as per Finance Commission formula.
