Goods and Services Tax (GST) collections for the month of November 2022 stood at Rs 1,45,867 crore, according to the data shared by finance ministry. The revenue for the month of November are 11% higher than the GST revenue in the same month last year, which itself was Rs 1,31,526 crore. This is the ninth straight month when collections from GST has remained above Rs 1.40 lakh crore.
The gross GST revenue collected in November 2022 came in at Rs 1,45,867 crore of which CGST is Rs 25,681 crore, SGST is Rs 32,651 crore, IGST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and Cess is ₹10,433 crore (including Rs 817 crore collected on import of goods). The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement.
Other important points:
- The total revenue of Centre and the state after regular settlements in the month of November 2022 is Rs 59678 crore for CGST and Rs 61189 crore for the SGST. In addition, the Centre had also released Rs 17,000 crore as GST compensation to States/UTs in November 2022.
- During the month, revenues from import of goods was 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.
- The 48th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will be held on 17 December.