Centre also releases Rs 17,000 crore as GST compensation to states and UTs in November 2022
Gross GST collection in November rose 11 per cent year-on-year to Rs 1.46 lakh crore, according to official data released on Thursday. This is the ninth consecutive month when collections from GST has remained above Rs 1.40 lakh crore. During November 2021, the overall goods and services tax (GST) collections had stood at Rs 1.31,526 crore.
“The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which CGST is Rs 25,681 crore, SGST is ₹32,651 crore, IGST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and Cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods),” the finance ministry said in a statement on Thursday.
The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST. In addition, the Centre had also released Rs 17,000 crore as GST compensation to states/ UTs in November 2022.
Abhishek Jain, partner (indirect tax) at KPMG, said, “Aligned to expectations, the GST collections in the month of November have also seen a decent growth vis-a-vis last year. Continuing festive procurements, year-end reconciliations of input tax credits, credit notes, etc, would have played a significant role in the uptick.”
The finance ministry said the revenues for November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs. 1.31,526 crore. During the month, revenues from import of goods was 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year.
Saloni Roy, partner at Deloitte India, said, “India has been clocking a healthy Rs 1.5 lakh crores as monthly GST collections, though this month’s collection has been slightly lower than what is now almost the norm. Healthy, regular and robust GST collections are a mirror to the economy’s performance. So far India’s story seems protected from the global economic trends and show that the domestic demand continues on a positive trajectory.”
GST collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last year, the revenues stood at over Rs 1.30 lakh crore.