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.
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.”
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.