GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November on increased domestic activity and festive season buying, the finance ministry said on Friday.
Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
"The gross GST revenue collected in the month of November 2023 is Rs 167,929 crore, out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 1,036 crore collected on import of goods)," the ministry said in a statement.
The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October -- the second-highest collection ever since the GST rollout.
Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.
The gross GST collection till November in the current fiscal is Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month.
The collection is 11.9 per cent higher than the gross GST collection in the same period last year (Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month).
It is the sixth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in the current fiscal.
EY Tax Partner Saurabh Agarwal said the higher GST revenues are primarily due to increased domestic activity, the festive season last month and increased tax administration.
"The numbers can be said to be an indicator of a stable Indian economy as we see a 20 per cent increase in domestic transactions compared to the same month last year," he said.
Increased GST collections in Arunachal Pradesh, Nagaland, Mizoram, Tripura, Ladakh, etc indicate a rise in consumption in these parts of the country, Agarwal added.
During the month, revenues from domestic transactions (including import of services) are 20 per cent higher than revenues from these sources during the same month last year.
Icra chief economist Aditi Nayar said, "We expect CGST collections to modestly exceed the budget estimates."
Deloitte India Partner MS Mani said the collections averaging Rs 1.66 lakh crore per month in the current fiscal reflect the inherent growth in production and consumption as they are a good barometer of the state of the economy.
"Significant efforts made by the tax authorities to improve compliance and deter evasion are also resulting in more businesses coming under the GST net.
“It is heartening the see that the major producing and consuming states depict a growth exceeding 16 per cent compared to the same period last year," Mani said.
