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Published: December 2, 2023
Updated: December 2, 2023

Impressive Surge in GST Collections Marks November 2023;Diwali festive season boosts spending

In a noteworthy economic development, the Goods and Services Tax (GST) collections for November 2023 witnessed a substantial 15% surge compared to the same period last year, reaching an impressive Rs 1.68 lakh crore. This robust performance marks the sixth instance in Fiscal Year 2024 where the gross GST collection has surpassed the significant Rs 1.6 lakh crore threshold.

Breakdown of November's GST Revenue:

The Ministry of Finance provided a detailed breakdown of the November GST revenue, revealing that out of the total collection of Rs 1,67,929 crore, CGST accounted for Rs 30,420 crore, SGST for Rs 38,226 crore, IGST for Rs 87,009 crore (including Rs 39,198 crore from the import of goods), and cess for Rs 12,274 crore (including Rs 1,036 crore from the import of goods). The government's settlement included Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST.

Impressive Growth in Domestic Transactions:

During November, revenues from domestic transactions, including the import of services, demonstrated a substantial 20% increase compared to the same period the previous year. This marks a consistent upward trajectory, with November being the sixth instance in Fiscal Year 2024 where gross GST collections exceeded the Rs 1.60 lakh crore mark.

Fiscal Year 2024 Surpasses Previous Year:

Looking at the overall picture, the cumulative gross GST collection for Fiscal Year 2024, up to November, stands at Rs 13,32,440 crore, averaging an impressive Rs 1.66 lakh crore per month. This represents an 11.9% growth compared to the gross GST collection for Fiscal Year 2023 ending November, which was Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month.

Economic Resilience Shines; Maharashtra tops GST collection chart:

The consistent and robust growth in GST collections, especially during November 2023, reflects the economic resilience and vitality of the nation. This positive trend bodes well for continued economic stability, offering a promising outlook as the fiscal year progresses.