Whooping High GST Collection In November

India’s gross GST revenue collection slipped by 4 percent to 1.45,867 crore, against Rs. 151,718 crore in October 2022. However, it is 11 percent higher than the GST revenues in November 2021, which was Rs. 1.31,526 crore.

Out of the Rs. 1.45,867 crore collected in November, CGST is Rs. 25,681 crore, SGST is Rs. 32,651 crore, IGST is Rs. 77,103 crore (including Rs. 38,635 crore collected on import of goods) and Cess is ₹10,433 crore (including Rs. 817 crore collected on import of goods

This is the ninth straight month when collections from GST have remained above Rs 1.40 lakh crore.

The gross GST revenue collected in November 2022 came in at Rs 1,45,867 crore of which CGST is Rs 25,681 crore, SGST is Rs 32,651 crore, IGST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and Cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods).

The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement, a finance ministry statement said.

The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark. October also saw the second highest collection from domestic transactions, next only to April 2022. This is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark. During the month of September 2022, 8.3 crore e-way bills were generated, which was significantly higher than 7.7 crore e-way bills generated in August 2022.

“GST inflows in November 2022 recorded a healthy 11% expansion over November 2021, and printed in line with our expectations. The sequential dip in collections in November 2022 relative to October 2022, reflects the boost from quarter end payments in the latter month, as the inflows in each month pertain to the activity in the previous month. Moreover, while festive spending is assessed to have been high in October 2022, the generation of GST e-way bills had moderated sequentially given a higher number of holidays in that month,” said Aditi Nayar, Chief Economist at ICRA.

During the month, revenue from import of goods was 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.

The 48th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will be held on 17 December.

Taking to Twitter, the GST Council said, “The 48th Meeting of the GST Council will be held on 17th December, 2022 by video conference.”

The meeting would discuss two reports of a panel of state finance ministers on levy of GST on casinos, online gaming and horse racing and the other on setting up of GST Appellate Tribunal.

Besides, a report of the officers’ panel on decriminalization of certain provisions of the GST law too is likely to be taken up for discussion.