• Notification Date: 02-12-2023
• Notification No: N/A

GST Collections in November rises by 15% YoY at Rs 1.68 lakh crore

The government's Goods and Services Tax (GST) collections climbed 15 percent year-on-year in November to Rs 1.68 lakh crore, the Ministry of Finance said on December 1. 

At Rs 1.68 lakh crore, the November GST collections is 2 percent lower than the Rs. 1.72 lakh crore collected in the month of October. This is the ninth month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark. 

The latest GST data takes the average monthly collection in 2023-24 to Rs 1.67 lakh crore. Monthly GST collections have risen over the years. From averaging under Rs 1 lakh crore per month in 2017-18 - its first year - collections rose rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23. 

In November, Central GST was Rs 30,420 crore, State GST was Rs 38,226 crore, Integrated GST was Rs 87,009 crore, and compensation cess was Rs 12,274 crore. 

Further, the government settled Rs 37,878 crore to Central GST and Rs 31,557 crore to State GST from Integrated GST. As a result, the total revenue for the month post settlement was Rs 68,297 crore for the Centre and Rs 69,783 crore for State GST. 

"During the month, the revenues from domestic transactions (including import of services) are 20 percent higher than the revenues from these sources during the same month last year," the finance ministry said in a statement. 

While total GST collections in November were marginally lower than that in October, the year-on-year growth of just over 15 percent is the highest so far in 2023-24. In fact, the YoY increase in GST collections in November is the highest in 11 months. 

As per the 2023-24 Budget, the Centre expects its GST collections to rise by 12 percent in the current financial year. So far in the first eight months of the year, the gross GST collected amounts to Rs 13.32 lakh crore, which is 11.9 percent higher from the same period last year. 

The PMI data comes a day after the statistics ministry said that the economy of India has grown faster than expected at 7.6% in July-September, with the manufacturing sector growing by 13.9 percent year-on-year. 

According to Pratik Jain, Partner at Price Waterhouse & Co LLP, the upward trend in GST collections is likely to continue for the rest of 2023-24, with audits and investigations playing a role. 

"It's interesting to see that robust growth in GST (compared to last year) is seen in most of the manufacturing states, indicative of uplift in demand and consumption," Jain added.