2023-12-01 14:28:02
The collection was lower than Rs 1.72 lakh crore collected last month, the GST collections was highest in April this fiscal at Rs 1.87 lakh crore.
The monthly revenue crossed Rs 1.60 lakh crore for the sixth time in the current fiscal year and ninth month in a row that the monthly GST mop-up has come in above the Rs 1.5 lakh crore mark.
The gross GST collection till November stood at Rs 13.32 lakh crore.
”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,” Abhishek Jain, Partner & National Head, Indirect Tax, KPMG says.
He added that festive sales, settlement of disputes once morest notices issued, etc. might be some underlying reasons for higher collections in November.
Average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore.
“The upward trend in GST collections continues as expected on the back of festive seasons and further increase in audits and investigations and this trend is likely to continue for the remainder of this fiscal as well,” Pratik Jain, Partner, PwC India said.
Of the total collections, central GST (CGST) is Rs 30,420 crore, state GST (SGST) is Rs 38,226 crore, Integrated GST (IGST) is Rs 87,009 crore, including Rs 39,198 crore collected on import of goods.
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.
” The numbers can be said to be an indicator of stable Indian economy as we see 20% increase in domestic transactions compared to the same month last year,” Saurabh Agarwal, Tax Partner, EY said.
The cess collections stood at Rs 12,274 crore, including Rs 1,036 crore collected on import of goods.
The robust growth in GST was seen in most of the manufacturing states, indicative of uplift in demand and consumption.
“It is heartening to see that the major producing and consuming states depict a growth exceeding 16% compared to the same period last year,” MS Mani, Partner, Deloitte India said.
He added that the stability shown in the GST collections would give the policy makers the confidence to move ahead with the next phase of GST reforms.
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 following regular settlement is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST,” the finance ministry said in a statement.
“The healthy growth in GST collections is enthusing although it may partly reflect the later onset of the festive season this year,” Aditi Nayar, Chief Economist ICRA said.
Rating agency ICRA had predicted that the overall collection for FY24 is likely to cross budgeted estimates.
The indirect tax revenue target for the current fiscal is Rs 15.37 lakh crore out of which the Centre has budgeted Rs 9.57 lakh crore from GST collections, which includes CGST, centre’s share in IGST, and GST compensation cess.
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