NEW DELHI: GST collection in the month of November fell by 3.9% to Rs 1.45 lakh crore as against Rs 1.52 lakh crore in October, according to the Finance Ministry data. This is the ninth consecutive month, when the GST revenue collection remained above Rs 1.4 lakh crore. On a yearly basis, the GST collection is 11% higher than the same month of last year.
Of the gross GST revenue in November 2022 at ₹1,45,867 crore, CGST was ₹25,681 crore, SGST was ₹32,651 crore, IGST was ₹77,103 crore (including ₹38,635 crore collected on import of goods) and Cess was ₹10,433 crore (including ₹817 crore collected on import of goods).
The government settled ₹33,997 crore towards CGST and ₹28,538 crore towards SGST from IGST as regular settlement, as per the Government release.
MS Mani, Partner, Deloitte India said, "While the overall GST collections are lower than last month and the increase in the statewise collections for this month is also lower than last month, since the GST collections from import of goods has shown a significant increase, it is expected that the Customs collections would also be higher with the continuing stability in GST collections since the beginning of this financial year, the GST collection targets set for the year are likely to be exceeded. Business would expect that the continuing buoyancy in collections leads to GST rate rationalization in the next financial year."
The total revenue of both the central and state governments after regular settlements in the month of November 2022 stood at ₹59678 crore for CGST and ₹61189 crore for the SGST. Besides this, the Centre also released ₹17,000 crore as GST compensation to States/UTs in November 2022.