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Over ₹1.45 lakh crore collected as gross GST in November 2022, surges 11% year-on-year basis

The November GST revenue in India incorporates CGST of Rs 25,681 crore, SGST of Rs 32,651 crore, and IGST of Rs 77,103 crore, of which Rs 38,635 crore was levied on imports.

On Thursday, 1st December, the Ministry of Finance notified that in the month of November 2022, the gross GST revenue collected is ₹1,45,867 crore. The revenue collection recorded a surge of 11% on a year-on-year basis.

The November GST revenue in India incorporates CGST of ₹25,681 crore, SGST of ₹32,651 crore, and IGST of ₹77,103 crore, of which ₹38,635 crore was levied on imports. The cess was ₹10,433 crore. Import revenue is 20% higher than the previous year’s corresponding month, while domestic transaction revenue is 8% higher year on year.

trends in monthly gross GST revenues during 2022 (Image credit: PIB)

As part of the regular settlement, the government transferred ₹33,997 crores to CGST and ₹28.538 crores to SGST from IGST. After regular settlements, the total revenue of the Centre and the States in November 2022 is ₹59678 crore for CGST and ₹61189 crore for SGST. Furthermore, the Centre had released ₹17,000 crore as GST compensation to states/UTs in November 2022.

Ministry of Finance took to Twitter to inform about the GST collection figures and wrote, “₹1,45,867 crore gross #GST revenue collected for November 2022, records an increase of 11% year-on-year. Monthly #GST revenues of more than ₹1.4 lakh crore for nine straight months in a row.”

State-wise growth of GST revenue in November 2022 (Image credit: PIB)

Maharashtra, Karnataka, Gujarat, and Uttar Pradesh contribute the most to India’s monthly GDP, while Arunachal Pradesh, Ladakh, Daman & Diu, and Manipur are the territories with the highest year-on-year growth in GDP revenues. The next GST Council meeting will be held via video conferencing on December 17th. Finance Minister Nirmala Sitharaman will preside over the 48th meeting.

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OpIndia Staff
OpIndia Staff
Staff reporter at OpIndia

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