GST November collection crosses Rs 1.4 lakh crore for 9 straight months
This is the ninth straight month when collections from GST has remained above Rs 1.40 lakh crore and is 11% higher than the collection in Nov last year.
New Delhi, Dec 01: The Goods and Services Tax (GST) collections for the month of November 2022 is Rs 1,45,867 crore, which is 11 per cent higher than the GST collection in November last year, according to a Finance Ministry statement on Thursday.
"The revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year, which itself 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," the statement said.
The gross GST revenue collected in November 2022 came in at Rs 1,45,867 crore of which 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 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 61189 crore for the SGST. In addition, Centre had also released Rs 17,000 crore as GST compensation to States/UTs in November 2022.
This is the ninth straight month when collections from GST has remained above Rs 1.40 lakh crore.
Meanwhile, the 48th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will be held on December 17.
The meeting would discuss two reports of a panel of state finance ministers on levy of GST on casinos, online gaming and horse racing and the other on setting up of GST Appellate Tribunal.