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    Home GST collection for November grows 11% year-on-year, drops 4% from October
    Economy

    GST collection for November grows 11% year-on-year, drops 4% from October

    InvestPolicyBy InvestPolicyDecember 1, 2022No Comments2 Mins Read
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    GST collection for November grows 11% year-on-year, drops 4% from October
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    India’s gross GST revenues were ₹1,45,687 crore in November 2022, 11% higher than a year ago, but nearly 4% below October’s kitty. Revenues from import of goods were 20% higher while domestic transactions, including import of services, yielded 8% higher taxes than November 2021.

    State GST collections in November accounted for ₹32,651 crore of revenues, while the Integrated GST kitty was ₹77,103 crore, including ₹38,635 crore collected on import of goods. GST Compensation Cess collections were at ₹10,433 crore, factoring in ₹817 crore collected on import of goods – marginally lower than the ₹10,505 crore collected in October 2022.

    While November’s GST inflows, based on transactions undertaken in October, mark a three-month low, this is the ninth successive month that overall revenues from the indirect tax are over the ₹1.40 lakh crore mark.

    “The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is ₹59,678 crore for CGST and ₹61,189 crore for the SGST,” the Finance Ministry said in a statement. Last week, the Centre had released ₹17,000 crore as GST compensation dues to States.

    As many as six States recorded a contraction in revenues in November, including Gujarat, Rajasthan and Kerala (-2%), Punjab (-10%), Himachal Pradesh (-12%) and Goa (-14%). The union territories of Chandigarh, Andaman and Nicobar Islands as well as Lakshadweep also reported a drop in revenues of 3%, 7% and 79%, respectively. Revenues from areas under central government jurisdiction fell 14%.

    Chhatisgarh’s revenues were flat year-on-year, while 9 States recorded slower growth than the national average revenue growth from domestic transactions of 8%. These include Odisha, Uttarakhand and Sikkim, whose revenues rose just 1% each, Madhya Pradesh (up 3%), Delhi (up 4%) and West Bengal (up 7%).

    The highest revenue growth among the States was seen in Arunachal Pradesh (55%), Manipur (42%), Bihar (28%), while industrial States apart from Gujarat, like Maharashtra (16%), Karnataka and Haryana (13% each), Andhra Pradesh (14.6%), and Tamil Nadu (10%), reported healthy double-digit growth.

    business news Economy News Goods and Services Tax GST collection GST compensation cess GST latest news today india gst collection news Integrated GST kitty november November GST collection what is GST
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