GST Collection Rises 15% y-o-y to ₹1.68 Lakh Crore in November

In a significant economic development, India’s Goods and Services Tax (GST) collections for November 2023 surged by an impressive 15% year-on-year, reaching a total of ₹1.68 lakh crore. This marks the sixth instance during the ongoing fiscal year that gross GST collections have surpassed the ₹1.60 lakh crore milestone.

Key Figures

• Total GST revenue for November 2023: ₹1,67,929 crore
• Breakdown of GST components:
• CGST: ₹30,420 crore
• SGST: ₹38,226 crore
• IGST: ₹87,009 crore (including ₹39,198 crore from import of goods)
• Cess: ₹12,274 crore (including ₹1,036 crore from import of goods)

Comparison with Previous Months

• October 2023 GST collection: ₹1.72 lakh crore, the second-highest after April 2023.
• Noteworthy, this fiscal year has witnessed consistent collections above ₹1.60 lakh crore.

Transaction Insights

• Domestic transaction revenues (including service imports) for November 2023 are 20% higher compared to the same period last year.

Settlement Details

• ₹37,878 crore settled to CGST and ₹31,557 crore to SGST from IGST.
• Total revenue for November 2023 post-settlement: ₹68,297 crore for CGST and ₹69,783 crore for SGST.

Fiscal Year Overview

• Gross GST collection for FY 2023-24 (up to November 2023): ₹13,32,440 crore, averaging ₹1.66 lakh crore per month.
• This represents an 11.9% increase over the same period in the previous fiscal year (FY 2022-23).

Government Finances

• Total receipts received up to October 2023: ₹15,90,712 crore (58.6% of corresponding Budget Estimate 2023-24).
• Composition includes ₹13,01,957 crore tax revenue (Net to Centre), ₹2,65,765 crore non-tax revenue, and ₹22,990 crore non-debt capital receipts.

State Devolution and Expenditure

• Central government’s devolution to state governments: ₹5,28,405 crore, an increase of ₹93,966 crore from the previous year.
• Total expenditure by the Government of India up to this period: ₹23,94,412 crore (53% of corresponding BE 2023-24), comprising ₹18,47,488 crore on Revenue Account and ₹5,46,924 crore on Capital Account.
• Notable expenditures include ₹5,45,086 crore on Interest Payments and ₹2,31,694 crore on Major Subsidies.

Important Questions Related to Exams

Q1: What is the latest update on India’s GST collections for November 2023?

A1: India’s GST collections for November 2023 recorded a substantial 15% year-on-year growth, reaching ₹1.68 lakh crore. This marks the sixth time during the fiscal year that collections have surpassed ₹1.60 lakh crore.

Q2: Can you provide a breakdown of the revenue components within the November 2023 GST collections?

A2: Certainly. The gross GST revenue for November 2023 is ₹1,67,929 crore, with CGST contributing ₹30,420 crore, SGST ₹38,226 crore, and IGST ₹87,009 crore (including ₹39,198 crore from the import of goods). Cess stands at ₹12,274 crore, including ₹1,036 crore from the import of goods.

Q3: How does the November 2023 performance compare to the previous month and the highest collection month this fiscal year?

A3: In October 2023, GST collections reached ₹1.72 lakh crore, the second-highest for the fiscal year. The record collection was in April 2023 at ₹1.87 lakh crore. November’s performance at ₹1.68 lakh crore reflects sustained robustness.

Q4: What insights are provided regarding the sources of revenue in November 2023?

A4: Revenues from domestic transactions, including the import of services, saw a notable 20% increase compared to the same month last year, according to the Ministry of Finance’s statement.

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