According to the government, GST income collection for November 2023 totaled approximately Rs 1.68 lakh crore, a 15% increase year on year. In FY24, gross GST revenue surpassed Rs 1.6 lakh crore for the sixth time.
"In the month of November 2023, the gross Goods and Services Tax (GST) revenue collected is Rs 1,67,929 crore, 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 government has transferred Rs 37,878 crore from IGST to CGST and Rs 31,557 crore to SGST. "The total revenue of the Centre and the States after regular settlement in the month of November 2023 is Rs 68,297 crore for CGST and Rs 69,783 crore for SGST," stated the Ministry of Finance in a statement.
Domestic transaction revenues (including service imports) were 20% higher during the month than during the same month last year. The gross GST collection has surpassed the 1.60 lakh crore mark for the sixth time in FY24, according to the ministry.
According to the ministry, the gross Goods and Services Tax collection for FY24 ending November 2023 (Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month) is 11.9% more than the gross GST collection for FY23 ending November 2022 (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month).
