In November 2023, the Gross Goods and Services Tax (GST) income attained a record-breaking high at ₹1,67,929 crore. The breakdown of the tax is as follows: ₹30,420 crore for Central GST (CGST), ₹38,226 crore for State GST (SGST), ₹87,009 crore for Integrated GST (IGST) (which includes ₹39,198 crore from imported products), and ₹12,274 crore for cess tax (which includes ₹1,036 crore from imported goods).
The government said that ₹31,557 crore from IGST was allocated to SGST and ₹37,878 crore to CGST. The total revenue for the Center and the States in November 2023, after regular settlements, is ₹68,297 crore for CGST and ₹69,783 crore for SGST.
When comparing November’s revenues to those from the previous year, there has been a roughly 15% gain, making it the highest month from year over year in 2023–24 up until November. Domestic transactions, such as the import of services, resulted in a 20% increase in these sources’ revenue over the same time previous year. For the sixth time in the 2023–24 fiscal year, gross GST collection has exceeded ₹1.60 lakh crore.
From April to November of 2023, gross GST collection totaled ₹13,32,440 crore, or ₹1.66 lakh crore per month. When compared to the same period in the previous fiscal year (April to November 2022), collections totaled ₹11,90,920 crore, or ₹1.49 lakh crore per month. This is an increase of almost 11.9%.
