GST collection up 11 pc in November

New Delhi [India], December 1 (ANI): The government on Thursday said that gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore, an increase of 11 per cent over last year's corresponding month. The government collected Rs 1,31,526 crore as gross GST revenue in November 2021.

Of this, Rs 25,681 crore is of central goods and services tax, Rs 32,651 crore is of state central goods and services tax, according to a statement from the Ministry of Finance. It also included Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) which is of Integrated Goods and Services Tax (IGST) and Rs 10,433 crore (including Rs817 crore collected on import of goods) of Cess.

According to the statement, 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 Centre and the states after regular settlements in November 2022 is Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST. In addition, Centre had also released Rs 17,000 crore as GST compensation to states/Union Territories in November 2022.

The revenues for November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore. During the month, revenues from the import of goods was 20 per cent higher and the revenues from domestic transaction (including import of services) 8 per cent higher than the revenues from these sources during the same month last year. (ANI)

Source: Business