In November 2023, the gross Goods and Services Tax (GST) collections saw a notable surge of 15% to approximately Rs 1.68 lakh crore, attributed to heightened domestic activity and bolstered by increased festive season spending, according to the Finance Ministry. This figure represents a significant uptick compared to the GST collection of over Rs 1.45 lakh crore recorded in November 2022.
Breaking down the Rs 1.68 lakh crore GST collection, the Central Goods and Services Tax (CGST) accounted for Rs 30,420 crore, the State Goods and Services Tax (SGST) for Rs 38,226 crore, the Integrated Goods and Services Tax (IGST) for Rs 87,009 crore (inclusive of Rs 39,198 crore collected on import of goods), and the cess for Rs 12,274 crore (inclusive of Rs 1.036 crore collected on import of goods).
However, despite the impressive performance, the November 2023 collections fell slightly short of the Rs 1.72 lakh crore collected in October 2023, which stood as the second-highest collection ever since the implementation of GST. Cumulatively, the gross GST collection till November in the fiscal year 2023-24 amounted to Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month. This reflects an increase of 11.9% compared to the gross GST collection in the same period in the previous fiscal year (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month).
The released data further highlights that the revenues for November 2023 surpassed the GST revenues for the same month in 2022 by 15%, marking the highest collection for any month year-on-year (YoY) during 2023-24, up to November 2023.
Specifically, the Finance Ministry noted that revenues from domestic transactions, including the import of services, were 20% higher in November 2023 compared to the corresponding month in 2022. November 2023 marked the sixth instance where the gross GST collection exceeded the Rs 1.60 lakh crore mark in the current fiscal year.
This remarkable performance can be attributed to several factors, including a buoyant economy, persistent inflation, and the effective utilization of Information Technology (IT) tools to identify and address tax evaders.
🚀 Ready to level up your finances? Say goodbye to tax woes with Savingz! 🎉
Our app offers effortless tax planning & filing, saving high-income earners like you time and money.
Join now for exclusive CA👩🏻💼 call with us and start maximizing your wealth today! 💰📲 Download Our App Link: https://savz.live/app
Savings starts with Savingz.
A word from our Founder 🚀
