Home / News / India /  November GST collection up 11% YoY at 1.45 lakh crore

Goods and Services Tax (GST) collections for the month of November 2022 stood at 1,45,867 crore, according to the data shared by finance ministry on Thursday. The revenue for the month of November are 11% higher than the GST revenue in the same month last year, which itself was 1,31,526 crore.

This is the ninth straight month when collections from GST has remained above 1.40 lakh crore.

The gross GST revenue collected in November 2022 came in at 1,45,867 crore of which CGST is 25,681 crore, SGST is 32,651 crore, IGST is 77,103 crore (including 38,635 crore collected on import of goods) and Cess is 10,433 crore (including 817 crore collected on import of goods).

The government has settled 33,997 crore to CGST and 28,538 crore to SGST from IGST as regular settlement, a finance ministry statement said.

"GST inflows in November 2022 recorded a healthy 11% expansion over November 2021, and printed in line with our expectations. The sequential dip in collections in November 2022 relative to October 2022, reflects the boost from quarter end payments in the latter month, as the inflows in each month pertain to the activity in the previous month. Moreover, while festive spending is assessed to have been high in October 2022, the generation of GST e-way bills had moderated sequentially given a higher number of holidays in that month," said Aditi Nayar, Chief Economist at ICRA.

The total revenue of Centre and the state after regular settlements in the month of November 2022 is 59678 crore for CGST and 61189 crore for the SGST. In addition, the Centre had also released 17,000 crore as GST compensation to States/UTs in November 2022.

During the month, revenues from import of goods was 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.

The 48th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will be held on 17 December. 

Taking to Twitter, the GST Council said, “The 48th Meeting of the GST Council will be held on 17th December, 2022 by video conference." 

The meeting would discuss two reports of a panel of state finance ministers on levy of GST on casinos, online gaming and horse racing and the other on setting up of GST Appellate Tribunal. 

Besides, a report of the officers' panel on decriminalisation of certain provisions of the GST law too is likely to be taken up for discussion.

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