GST collections rise 15% to ₹1.67 lakh crore in November; highest monthly growth in FY24
₹1.68 lakh crore, as of November, as announced by the Ministry of Finance on December 1. Although the November GST collections of ₹1.68 lakh crore represent a 2 percent decrease from the October figure of ₹1.72 lakh crore, it marks the ninth consecutive month where monthly GST collections have consistently surpassed the ₹1.5-lakh-crore threshold. The most recent GST data brings the average monthly collection for the fiscal year 2023-24 to ₹1.67 lakh crore.
Over the years, there has been a consistent increase in monthly GST collections. In 2017-18, the collections averaged under ₹1 lakh crore per month. However, following the impact of the pandemic in 2020-21, there was a significant surge, and by the fiscal year 2022-23, the average monthly collections had risen to ₹1.51 lakh crore.
In November, the Central Goods and Services Tax (GST) amounted to ₹30,420 crore, State GST reached ₹38,226 crore, Integrated GST stood at ₹87,009 crore, and compensation cess totaled ₹12,274 crore. Additionally, the government disbursed ₹37,878 crore to Central GST and ₹31,557 crore to State GST from Integrated GST. Consequently, after the settlement, the overall revenue for the month was ₹68,297 crore for the Centre and ₹69,783 crore for State GST.
"During the month, the revenues from domestic transactions (including import of services) are 20 percent higher than the revenues from these sources during the same month last year," the finance ministry said in a statement. Although the total GST collections for November showed a slight dip compared to October, the year-on-year growth, surpassing 15 percent, represents the most substantial increase in the 2023-24 fiscal year. In fact, the November year-on-year surge in GST collections stands as
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