The government announced on Friday that the amount of GST money collected in November 2023 was around Rs 1.68 lakh Crore, a 15% increase from the previous year. In FY24, the gross GST collection surpassed Rs 1.6 lakh crore for the sixth time.

Details on GST receipts reach Rs 1.68 lakh cr in November, up 15%

“The gross revenue collected by the Goods and Services Tax (GST) in November 2023 was Rs 1,67,929 crore. This amount is composed of Rs 30,420 crore for CGST, Rs 38,226 crore for SGST, Rs 87,009 crore for IGST (which includes Rs 39,198 crore collected on goods import), and Rs 12,274 crore for cess (which includes Rs 1,036 crore collected on goods import).” The government has paid Rs 31,557 crore to the SGST from the IGST and Rs 37,878 crore to the CGST. The Ministry of Finance released a statement saying, “The total revenue of the Center and the States in the month of November, 2023 after regular settlement is Rs 68,297 crore for the CGST and Rs 69,783 crore for the SGST.”

The revenue received during the month from domestic transactions (including the import of services) is 20% more than the revenue received from the same sources in the previous year. According to the ministry, FY24 marks the sixth time that gross GST collection has surpassed the ₹1.60 lakh crore barrier.

According to the ministry, the gross GST collection for the FY24 that ended in November 2023 (Rs 13,32,440 crore, or Rs 1.66 lakh crore per month) was 11.9% higher than the gross GST collection for the FY23 that ended in November 2022 (Rs 11,90,920 crore, or Rs 1.49 lakh crore per month).

The post Gst Receipts Reach Rs 1.68 lakh cr in November, up 15% appeared first on SomMarketer.