GST collection November 2022: Revenues rise 11% to Rs 1.46 lakh crore

GST Collection November 2022: The gross Goods and Services Tax (GST) revenue collected in November 2022 recorded a jump of 11 per cent on Y-o-Y basis as the amount collected stood at Rs1,45,867 crore, shows the data shared by the Ministry of Finance on Thursday. 

The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST 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).

This is the ninth straight month when collections from GST has remained above Rs 1.40 lakh crore. GST collections reported the second highest in October 2022, according to the data released by the Ministry. According to economists and other experts, the revival in the rural economy and festive season sales had contributed most to the GST collection in October 2022. 

During November, revenues from the import of goods were 20 per cent higher and the revenues from the domestic transactions (including the import of services) are 8 per cent higher than the revenues from these sources during the same month last year.

"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 the Centre and the States after regular settlements in the month of November 2022 is Rs 59678 crore for CGST and Rs 61189 crore for SGST. In addition, Centre had also released Rs 17,000 crore as GST compensation to States/UTs in November 2022," according to the Ministry.

1,45,867 crore gross GST revenue collected for November 2022, records increase of 11 Year-on-Year

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— Ministry of Finance (@FinMinIndia) December 1, 2022

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 the Centre and states after regular settlements November was Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST.

In addition to this, the Centre had also released Rs 17,000 crore as GST compensation to states and UTs in November.

"GST inflows in November 2022 recorded a healthy 11% expansion over November 2021, and printed in line with our expectations. The sequential dip in collections in November 2022 relative to October 2022, reflects the boost from quarter-end payments in the latter month, as the inflows in each month pertain to the activity in the previous month. Moreover, while festive spending is assessed to have been high in October 2022, the generation of GST e-way bills had moderated sequentially given a higher number of holidays in that month," said  Aditi Nayar, Chief Economist, ICRA. 

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