India’s GST revenue hits 8-month high of Rs 1,67,929 crore in November
The country’s gross GST revenue jumped by 15% to reach an 8-month high of Rs 1,67,929 crore in November, as reported by the Finance Ministry on Friday.
During the month, domestic transaction revenues (including import of services) were 20% higher than the revenues from the same sources in the previous year.
This marks the sixth time that the gross GST collection has exceeded Rs 1.60 lakh crore in the fiscal year 2023-24. The total gross GST collection for the year ending in November 2023 is Rs 13,32,440 crore, averaging Rs 1.66 lakh per month, which is 11.9% higher than the previous fiscal year ending in November 2022.
The government has allocated Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. After regular settlement, the total revenue for the Centre and the States in November 2023 is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST.
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