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

GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. The ministry further stated that the revenues for the month of November, 2023 are 15 per cent higher than the GST revenues in the same month last year and highest for any month year-on-year during 2023-24, upto November 2023.

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

The ministry said in a statement, "The gross GST revenue collected in 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 (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 1,036 crore collected on import of goods)."

The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October — the second-highest collection ever since the GST rollout.

Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.

It also informed that the government has settled Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. Furthermore, it stated that the total revenue of Centre and the States in the month of November, 2023 after regular settlement is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST.