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GST mop-up zooms 15% to Rs 1.68 lakh cr
New Delhi: GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November on increased domestic activity and festive season buying, the...
New Delhi: GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November on increased domestic activity and festive season buying, the finance ministry said on Friday.
Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022. “The gross GST revenue collected in the month of November 2023 is Rs 1,67,929 crore, out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 1,036 crore collected on import of goods),” the ministry said in a statement.
The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October -- the second-highest collection ever since the GST rollout. Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.
The gross GST collection till November in the current fiscal is Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month. The collection is 11.9 per cent higher than the gross GST collection in the same period last year (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month). It is the sixth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in the current fiscal.
EY Tax Partner Saurabh Agarwal said the higher GST revenues are primarily due to increased domestic activity, the festive season last month and increased tax administration.
