Back

Data Alert: Nov GST mop-up rises 15% on year to 1.68 trln rupees

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

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2023. All rights reserved.

 

Other News.

Facing negative net worth, Spencer’s Retail to shut loss-making stores

Informist, Thursday, Feb 22, 2024 –Source: Spencer's Retail to shut down all loss-making stores–Source: Spencer's Retail to focus only on Delhi, Kolkata, Hyderabad–Source: Spencer's Retail to shut stores due to accumulated losses–CONTEXT: Spencer's Retail consol net worth (-)5.1 bln rupees end-Dec–Source: Spencer's Retail to right-size ops at corporate level By Avishek Rakshit KOLKATA – Aiming to bounce back to the black […]

Himachal budget ups FY25 pension outgo by 10% on revert to old scheme

Informist, Thursday, Feb 22, 2024 By Krity Ambey NEW DELHI – Himachal Pradesh, in its Budget for 2024-25 (Apr-Mar), has raised the estimate of expenditure towards pension in the next fiscal year to 102.54 bln rupees, up 10% from the revised estimate of 93.18 bln rupees for the current fiscal. This comes on the back of the state's decision to switch to […]

Grasim launches Birla Opus paints, aims to be profitable in 3 years

Informist, Thursday, Feb 22, 2024 –Grasim launches paints business under 'Birla Opus' brand –Grasim Chairman Birla: Entered paints business on infra opportunity –Grasim Chairman Birla: Launching Panipat, Ludhiana, Cheyyar plants –Grasim Chairman Birla:Chamarajanagar plant to be launched by Apr-Jun –Grasim Chairman Birla: Kharagpur plant to be launched by Jan-Mar 2025 –Grasim: Launching services in Punjab, Haryana, Tamil Nadu in Mar –Grasim:To launch […]