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.
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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