NEW DELHI: Monthly GST revenues continue to impress as collections crossed Rs 1.4 lakh crore for the ninth consecutive month. The government in November collected Rs 1.46 lakh crore in GST revenue, 11% higher than that of the same month a year ago.
Though November mop-up was 3.9% lower than the collection in October, analysts believe strong GST revenue signals robust economic performance of the country.
Of the Rs 1,45,867 crore GST collection in November 2022, collection under Central GST was Rs 25,681 crore, state GST was Rs 32,651 crore, integrated GST was Rs 77,103 crore and Cess was Rs 10,433 crore. After regular IGST settlement, the total revenue of Centre and the states in November 2022 was Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST. Imports continue to drive collections as Rs 39,500 crore GST was collected from imports alone.
IGST and cess are levied on imports of goods and services. “During the month, revenues from import of goods were 20% higher and the revenues from domestic transactions (including import of services) are 8% higher than the revenues from these sources during the same month last year,” a finance ministry statement said. So far this year, the average monthly GST collection has been Rs 1.48 lakh crore in the first eight months of 2022-23 compared to the average monthly collection of Rs 1.17 lakh crore in the same period last year.
The government is confident that the momentum in GST collection will continue. In an interaction with this newspaper, outgoing revenue secretary Tarun Bajaj has said the monthly collections will go up to Rs 1.5 lakh and more. Saloni Roy, Partner, Deloitte India, said India has been clocking a healthy Rs 1.5 lakh crore as monthly GST collections (though this month’s collection has been slightly lower than what is now almost the norm).
“Healthy, regular and robust GST collections are a mirror to the economy’s performance. So far India’s story seems protected from the global economic trends and show that the domestic demand continues on a positive trajectory,” said Roy
GST revenue mop-up remains strong in Nov