GST collection grows 11% YoY to Rs. 1.46 lakh crore in November
The Goods and Services Tax (GST) collections grew by 11 per cent to about Rs 1.46 lakh crore in November on increased consumer spending and better compliance, according to government data.
This is the ninth month in a row that the revenues have remained above the Rs 1.4 lakh crore mark. However, the collection in November was the lowest since August.
In October, GST collections had touched the second-highest level of Rs 1.52 lakh crore on festive spending. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods).
“The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore,” the Finance Ministry said.
KPMG Partner Indirect Tax Abhishek Jain said continuing festive pro curements, year-end reconciliations of input tax credits, credit notes, etc. would have played a significant role in the GST revenue uptick. N.A. Shah Associates, Partner, Indirect Tax, Parag Mehta said the major factors for the increase in collections are the festive and wedding seasons.
Revenues from GST touched a record of about Rs 1.68 lakh crore in April. In May, the collection was about Rs 1.41 lakh crore, June (Rs 1.45 lakh crore), July (Rs 1.49 lakh crore), August (Rs 1.44 lakh crore), September (Rs 1.48 lakh crore), October (Rs 1.52 lakh crore) and November (Rs 1.46 lakh crore).