Informist, Friday, Dec 1, 2023

--India Nov total GST mop-up 1.679 trln rupees vs 1.720 trln Oct

--India Nov Central GST mop-up 304 bln rupees vs 301 bln Oct

--India Nov State GST mop-up 382 bln rupees

--India Nov Integrated GST mop-up 870 bln rupees vs 913 bln Oct

--India Nov GST cess mop-up 123 bln rupees vs 125 bln Oct

--India Nov total GST collections up 15% on year

--Centre's Nov GST revenue post-settlement 683 bln rupees 

--States' Nov GST revenue post-settlement 698 bln rupees

NEW DELHI – India's goods and services tax collections grew 15.1% on year to 1.679 trln rupees in November, the finance ministry said in a release today. This marks the highest rate of increase in GST collections on a year-on-year basis in the ongoing financial year. 

In October, GST collections were at 1.720 trln rupees. On a month-on-month basis, GST collections fell 2.4% in November. 

"Festival sales, settlement of disputes against notices issued could be some underlying reasons for higher collections in November," Abhishek Jain, partner and national head-indirect tax at KPMG, said

Of the total collections in November, nearly 304 bln rupees were from Central GST, 382 bln rupees from State GST, 870 bln rupees from Integrated GST and 123 bln rupees from compensation cess, the ministry said in the release.

From the Integrated GST collections, the government settled 379 bln rupees to the Central GST and 316 bln rupees to State GST last month, the ministry said. Post settlement, the revenues of the Centre were at 683 bln rupees in November, while those of states were at 698 bln rupees.

During the month, revenues from domestic transactions, including from import of services, were 20% higher year-on-year, the release said. 

The gross GST collection for 2023-24, up to November, is at 13.32 trln rupees, averaging 1.66 trln rupees per month, and is 11.9% higher than the gross GST collection for the corresponding period of 2022-23, data shows. End

Reported by Priyasmita Dutta

Edited by Tanima Banerjee

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