Categories: Business

GST collection rises to Rs 1.67,929 lakh crore in November, records highest growth rate of 15% Y-o-Y

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GST collections jumped 15 per cent to almost Rs 1.68 lakh crore in November, the finance ministry mentioned on Friday. The ministry additional said that the revenues for the month of November, 2023 are 15 per cent greater than the GST revenues in the identical month final yr and highest for any month year-on-year throughout 2023-24, upto November 2023.

Items and Providers Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.

The ministry mentioned in a press release, “The gross GST income collected within the month of November 2023 is Rs 1,67,929 crore, out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (together with Rs 39,198 crore collected on import of products) and cess is Rs 12,274 crore (together with Rs 1,036 crore collected on import of products).”

The November 2023 collections are, nevertheless, decrease than Rs 1.72 lakh crore mopped up in October — the second-highest assortment ever because the GST rollout.

Revenues for November 2023 are 15 per cent greater than the GST revenues in the identical month final yr and the very best for any month year-on-year throughout 2023-24, as much as November 2023, the ministry mentioned.

It additionally knowledgeable that the federal government has settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. Moreover, it said that the whole income of Centre and the States within the month of November, 2023 after common settlement is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST.

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Amirul

CEO OF THTBITS.com, sharing my insights with people who have the same thoughts gave me the opportunity to express what I believe in and make changes in the world.