November GST Centre Rakes In Rs 1.68 Lakh Crore GST With Easiest-Ever Past-On-Past Enlargement Document Of 15% newsfragment

The Centre mopped up Rs 1.68 lakh crore in GST collections in November 2023 at a year-on-year expansion fee of 15%, the Ministry of Finance mentioned on Friday. That is the best possible year-on-year expansion fee for GST assortment. In November 2022, the Items and Products and services Tax (GST) assortment was once to the song of Rs 1.45 lakh crore.

Consistent with a commentary by way of the Ministry of Finance, “The total gross GST revenue collected in November 2023 stands at Rs 1,67,929 crore. This comprises CGST at Rs 30,420 crore, SGST at Rs 38,226 crore, IGST at Rs 87,009 crore (including Rs 39,198 crore garnered from the import of goods), and cess at Rs 12,274 crore (which includes Rs 1,036 crore from the import of goods).”

Year the November 2023 collections confirmed a modest dip from the considerable Rs 1.72 lakh crore completed in October, marking the second-highest assortment for the reason that inauguration of GST, the figures nonetheless represent an important building up of 15% in comparison to the similar life ultimate 12 months. This establishes the November 2023 revenues because the best possible year-on-year for any life within the fiscal 12 months 2023-24, as much as November 2023, as according to the ministry’s announcement.

The federal government undertook settlements, allocating Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. Publish those ordinary settlements, the mixed income of the Centre and the states for November 2023 stands at Rs 68,297 crore for CGST and Rs 69,783 crore for SGST, the Ministry said.

November 2023 recorded a fifteen% building up in revenues in comparison to the GST figures for a similar life within the earlier 12 months. Significantly, this marks the best possible income for any life year-on-year within the fiscal 12 months 2023-24, as much as November 2023. The revenues from home transactions, together with the import of services and products, witnessed an important surge, registering a 20% building up in comparison to the similar life ultimate 12 months. This marks the 6th example the place the improper GST assortment has surpassed the Rs 1.60 lakh crore mark in FY 2023-24.

The cumulative improper GST assortment for FY 2023-24, concluding in November 2023, quantities to Rs 13,32,440 crore, averaging Rs 1.66 lakh crore according to life. This indicates an 11.9% expansion in comparison to the improper GST assortment for FY 2022-23, concluding in November 2022, which stood at Rs 11,90,920 crore, averaging Rs 1.49 lakh crore according to life.

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