India’s GST revenue hit an 8-month high of Rs 1,67,929 crore in November, marking a 15% increase, as per data released the Finance Ministry. This surge represents the highest GST collected for any month so far in the fiscal year 2023-24. Domestic transaction revenues, including import of services, were 20% higher than the previous year.
This November marked the sixth time that gross GST collection exceeded Rs 1.60 lakh crore in the fiscal year 2023-24. The total GST collection for the fiscal year up to November 2023 reached Rs 13,32,440 crore, averaging Rs 1.66 lakh per month. This is an 11.9% increase from the previous fiscal year.
Additionally, the government has distributed Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST. The total revenue for the Centre and the States in November 2023, after regular settlement, is Rs 68,297 crore for CGST and Rs 69,783 crore for SGST.