India's Goods and Services Tax (GST) collections for November 2023 have reached a new peak, reflecting a significant year-on-year increase of 15%. The total revenue for the month stood at Rs 1.68 lakh crore (US$ 20.15 billion). The rise is attributed to the festive season's boost to domestic activities, which saw a 20% surge in transactions.
The detailed breakdown of the GST revenue includes:
- Central GST (CGST) at Rs 30,420 crore
- State GST (SGST) at Rs 38,226 crore
- Integrated GST (IGST) at Rs 87,009 crore, which encompasses revenue from imports
- Cess collected amounted to Rs 12,274 crore
After the necessary adjustments and settlements between the Centre and the States, the CGST share stands at Rs 68,297 crore and the SGST at Rs 69,783 crore. The impressive performance of GST collections has been consistent throughout the fiscal year, with the average monthly collection now reaching Rs 1.66 lakh crore.
The cumulative gross GST revenue till November in the fiscal year 2023-24 has also been robust, totaling an impressive Rs 13.32 lakh crore.
The record-high collections are indicative of a healthy uptick in economic activity within India, as well as efficient tax administration and compliance measures.
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