Indian Economy News

GST Revenue collection for November 2023, at Rs. 167,929 lakh crore (US$ 20.15 billion), records the highest growth rate of 15% Y-o-Y

The gross GST income in November 2023 was Rs.1,67,929 crore (US$ 20.15 billion), with CGST at Rs.30,420 crore (US$ 3.65 billion), SGST at Rs.38,226 crore (US$ 4.58 billion), IGST at Rs.87,009 crore (US$ 10.44 billion) and cess at Rs.12,274 crore (US$ 1.47 billion).

A major chunk of the IGST was paid, with Rs.37,878 crore (US$ 4.54 billion) going to CGST and Rs.31,557 crore (US$ 3.78 billion) going to SGST. After settlement, the total income for the Centre and States was Rs. 68,297 crore (US$ 8.19 billion) for CGST and Rs. 69,783 crore (US$ 8.37 billion) for SGST.

November 2023 witnessed a 15% YoY increase in GST revenues, marking the highest for any month in 2023-24. Domestic transaction revenues, including import of services, were 20% higher than the same month last year. This marked the sixth instance of gross GST collection surpassing Rs.1.60 lakh crore (US$ 19.20 billion) in FY 2023-24.

For FY 2023-24 until November, the gross GST collection reached Rs.13,32,440 crore (US$ 159.91 billion), averaging Rs.1.66 lakh crore (US$ 19.92 billion) monthly, reflecting an 11.9% increase over FY 2022-23, which totalled Rs.11,90,920 crore (US$ 142.9 billion), averaging Rs.1.49 lakh crore (US$ 17.8 billion) monthly.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.