The authorities allotted Rs 37,878 crore to CGST and Rs 31,557 crore to SGST from IGST.Following common settlements, the Centre and States amassed Rs 68,297 crore and Rs 69,783 crore, respectively, in November 2023.
Comparatively, November 2023’s revenues have marked a 15% enhance from the identical month the earlier 12 months. According to the Ministry of Finance, that is the highest YoY growth in month-to-month GST collections. Domestic transactions (together with imported companies) surged by 20% in comparison with revenues from the identical sources in November 2022. Notably, this marks the sixth occasion in FY 2023-24 the place gross GST collections exceeded Rs 1.60 lakh crore.
FY 2023-24’s gross GST assortment stands at Rs 13,32,440 crore by November 2023, averaging Rs 1.66 lakh crore month-to-month. This showcases an 11.9% hike over FY 2022-23’s gross GST assortment, which stood at Rs 11,90,920 crore, averaging Rs 1.49 lakh crore month-to-month by November 2022.
GST Collections Trend
The chart above exhibits the month-to-month gross GST income traits for the continued 12 months.
The sturdy GST collections function a key financial gauge for the Indian economic system’s power. The Goods and Services Tax, an oblique tax reform, was launched in July 2017.
The GST information cheer comes a day after higher than anticipated India GDP information for the second quarter of monetary 12 months 2023-24 was launched. The Indian economic system grew at a robust 7.6% rate within the July-September quarter of FY24, beating estimates. The resilient GDP growth was largely pushed by manufacturing, building and mining.
Analysts are of the view that despite the fact that GDP growth will average within the coming quarters, the Indian economic system is on a robust footing regardless of world headwinds. Most businesses have raised their full 12 months GDP growth forecasts for India.
