GST Revenue Collection stands at Rs.1,67,929 Lakh Crore for November 2023; Records highest growth rate of 15% Y-o-Y

The gross GST revenue collected in the month of November, 2023 is Rs.1,67,929 crore out of which CGST is Rs.30,420 crore, SGST is Rs.38,226 crore, IGST is Rs.87,009 crore (including Rs.39,198 crore collected on import of goods) and cess is Rs.12,274 crore (including Rs.1,036 crore collected on import of goods).

The government has settled Rs.37,878 crore to CGST and Rs.31,557 crore to SGST from IGST. The total revenue of Centre and the States in the month of November, 2023 after regular settlement is Rs.68,297 crore for CGST and Rs.69,783 crore for the SGST.

The revenues for the month of November, 2023 are 15% higher than the GST revenues in the same month last year and highest for any month year-on-year during 2023-24, upto November 2023. During the month, the revenues from domestic transactions (including import of services) are 20% 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 gross GST collection for the FY 2023-24 ending November, 2023 [Rs.13,32,440 crore, averaging Rs.1.66 lakh per month] is 11.9 % higher than the gross GST collection for the FY 2022-23 ending November, 2022 [Rs.11,90,920 crore, averaging Rs.1.49 lakh crore per month].

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of November 2023 as compared to November 2022. Table-2 shows the state-wise figures of post-settlement GST revenue of each State till the month of November 2023.

Chart: Gross GST Collection (Rs. crore)

State-wise growth of GST Revenues during November, 2023

SGST and SGST portion of IGST settled to States/UTs