December 2, 2022
GST has remained above INR 1.40 lakh crore for nine months consecutively
Central Goods and Services Tax (CGST) collections were INR 25,681 crore, and State Goods and Services Tax (SGST) was INR 32,651 crore
International Goods and Services Tax (IGST) stood at INR 77,103 crore, and Cess collections were INR 10,433 crore
Higher festive spending and a moderate increase in the generation of e-way bills contributed to the GST growth
Goods and Services Tax (GST) collections in November 2022 stood at INR 1.45 trillion, 11% higher than the GST revenue in the same month last year, according to a report from the finance ministry. In November 2021, the collection stood at INR 1.31 trillion.
GST has remained above INR 1.40 lakh crore for nine months consecutively. Of the total GST amount, CGST is INR 25,681 crore, SGST is INR 32,651 crore, IGST is INR 77,103 crore (including INR 38,635 crore collected on import of goods) and Cess is INR 10,433 crore (including INR 817 crore collected on the import of goods), according to the report.
Media reports said that the sequential dip in collections for last month compared to October 2022, was due to the boost in quarter-end payments in October 2022, as the inflows in each month are a result of the previous month’s activity.
Additionally, higher festive spending and a moderate increase in the generation of e-way bills contributed to the GST growth.
In November 2022, the total revenue for CGST and SGST after regular settlements stood at INR 59678 crore and INR 61189 crore, respectively. On top of that, the States/UTs in November 2022 received a GST compensation of INR 17,000 crore from the Centre.
Revenues from imports increased by 20% in November 2022, and the revenues from domestic transactions (including the import of services) rose by 8%, compared to the same month last year.