GST collection: The Ministry of Finance announced on December 1 that the government’s Goods and Services Tax (GST) collections increased by 15% year over year in November to Rs 1.68 lakh crore.
The November GST collections are 2% less than the October collections of Rs 1.72 lakh crore, coming in at Rs 1.68 lakh crore.
This is the ninth month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark.
According to the most recent GST data, Rs 1.67 lakh crore was collected on average each month in 2023–2024. Over time, monthly GST collections have increased. After the pandemic struck in 2020–21, collections quickly increased from an average of less than Rs 1 lakh crore per month in 2017–18, to an average of Rs 1.51 lakh crore in 2022–23.
Read also: GST collections in October 2023 hit second highest ever
In November 2023, Central GST was Rs 30,420 crore, State GST was Rs 38,226 crore, Integrated GST was Rs 87,009 crore, and compensation cess was Rs 12,274 crore.
Additionally, the government used the proceeds from Integrated GST to pay Rs 31,557 crore to State GST and Rs 37,878 crore to Central GST. As a result, the Center’s total revenue for the month following settlement was Rs 68,297 crore, while State GST brought in Rs 69,783 crore.
“During the month, the revenues from domestic transactions (including import of services) are 20 percent higher than the revenues from these sources during the same month last year,” the finance ministry stated in a statement.
Even though November’s total GST collections were slightly less than those of October, the growth of slightly over 15% year over year is the highest thus far in 2023–2024. In actuality, November’s YoY increase in GST collections was the highest in the previous eleven months.
As per the 2023-24 Budget, the Centre expects its GST collections to rise by 12 percent in the current financial year. So far in the first eight months of the year, the gross GST collected amounts to Rs 13.32 lakh crore, which is 11.9 percent higher from the same period last year.
Read Also: FinMin aims to roll out pre-filled GST return form soon
The PMI report was released a day after the statistics ministry revealed that the Indian economy expanded by 7.6 percent year over year between July and September, which was faster than anticipated. The manufacturing sector saw an annual growth of 13.9 percent.
“It’s interesting to see that robust growth in GST (compared to last year) is seen in most of the manufacturing states, indicative of uplift in demand and consumption,” Jain added.
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