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.

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