• Notification Date: 10-12-2022
• Notification No: N/A

November GST Collection reaches Rs 1.46 Lakh Crore

The GST collection was Rs 1.52 lakh crore in October 2022. The monthly GST revenues have reached over Rs 1.4 lakh crore for nine straight months. 

According to the data shared by finance ministry, GST collections for the month of November amounts to almost Rs 1.46 lakh crore. The amount is about 11% higher than the year-ago period.  

Goods and Services Tax (GST) collections had reached the record amount of nearly Rs 1.68 lakh crore in April 2022. The second highest collection was Rs 1.52 lakh crore in October. 

The finance ministry remarked in a statement that the gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore. Out of this amount, CGST is Rs 25,681 crore, SGST is Rs 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 has reported that the monthly GST revenues have been over Rs 1.4 lakh crore for nine straight months. 

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, Centre had also released Rs 17,000 crore as GST compensation to States/UTs in November 2022. 

The finance ministry further added that the revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year. The last year’s amount was Rs 1,31,526 crore. During the month, revenues from import of goods was 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.