Highest Growth: GST collection rises to 15% YoY To Rs 1.68 Lakh Crore in November 2023

According to the most recent official data released on Friday, December 1, GST collections in November 2023 saw the highest-ever growth rate of 15% YoY to Rs 1,67,929 crore. According to experts, the increase in audits and investigations, along with the sales during the holiday season, are the main drivers of the growth. They added that the robustness of the Indian economy is demonstrated by the high growth rate of the GST.

“GST revenue collection for November 2023 at Rs 1,67,929 crore records highest growth rate of 15 per cent Y-o-Y,” the finance ministry said in a statement on Friday.

It stated that a total of Rs 1,67,929 crore in gross GST revenue was collected in November 2023. This includes ₹ 30,420 crore for CGST, ₹ 38,226 crore for SGST, ₹ 87,009 crore for IGST (including ₹ 39,198 crore collected on goods import), and ₹ 12,274 crore for cess (including ₹ 1,036 crore collected on goods import).

“During the month, the revenues from domestic transactions (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year. It is for the sixth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24,” the ministry said.

October saw a 13% increase in GST revenue, with collections totaling Rs 1,72,003 crore. With Rs 1,87,035 crore, the highest monthly GST mop-ups were recorded in April 2023.

Abhishek Jain, partner & national head (indirect tax) at KPMG, said, “The consistent growth in GST collections is a big cheer for the Indian economy and to an extent signifies resilience of the economy to various global challenges. In addition, festive sales, settlement of disputes against notices issued, etc. could be some underlying reasons for higher collections in November.”

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