Financial Services News

GST revenues rise to ₹1.68 lakh crore in November; fastest growth this fiscal


Taxes from domestic transactions and services imports rose over 20%, the Finance Ministry said. File
| Photo Credit: The Hindu

India’s gross Goods and Services Tax (GST) revenues grew 15.1% in November to hit nearly ₹1.68 lakh crore, the third highest monthly tally so far from the indirect tax.

This is the fastest uptick in tax collections so far in 2023-24, surpassing the 10-month high growth of 13.4% recorded in October. Taxes from domestic transactions and services imports rose over 20%, the Finance Ministry said, noting that this is the sixth time in this fiscal year that revenues have crossed ₹1.6 lakh crore.

November’s revenues included Central GST of ₹30,420 crore, State GST of ₹38,226 crore and Integrated IGST of ₹87,009 crore, which included ₹39,198 crore collected on import of goods. GST Compensation Cess inflows stood at ₹12,274 crore, including ₹1,036 crore collected on import of goods.

Between April and November 2023, GST revenues are now up 11.9% compared to the same period of 2022-23.

Festive season

November’s revenues, which stem from transactions undertaken in October, may partly reflect the later onset of the festive season this year, reckoned ICRA chief economist Aditi Nayar. “We expect Central GST collections to modestly exceed the budget estimates,” she added.

Among the States, Manipur was the only one to record a negative growth in revenues as GST collections fell 21%, while the Union Territory of Lakshadweep saw a 15% drop.

Revenues of 13 States grew at or higher than 20% pace averaged nationally from domestic transactions, led by Nagaland (99%), Arunachal Pradesh (48%) and Haryana (44%).

On the other hand, 13 States’ GST kitties grew slower than the average national uptick, including Gujarat, Maharashtra, Karnataka. Meghalaya, with a mere 1% growth, saw the weakest revenue uptick, along with Odisha and Jharkhand, whose revenues rose 3% each.



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Financial Services News

GST revenues rise to ₹1.68 lakh crore in November; fastest growth this fiscal


Taxes from domestic transactions and services imports rose over 20%, the Finance Ministry said. File
| Photo Credit: The Hindu

India’s gross Goods and Services Tax (GST) revenues grew 15.1% in November to hit nearly ₹1.68 lakh crore, the third highest monthly tally so far from the indirect tax.

This is the fastest uptick in tax collections so far in 2023-24, surpassing the 10-month high growth of 13.4% recorded in October. Taxes from domestic transactions and services imports rose over 20%, the Finance Ministry said, noting that this is the sixth time in this fiscal year that revenues have crossed ₹1.6 lakh crore.

November’s revenues included Central GST of ₹30,420 crore, State GST of ₹38,226 crore and Integrated IGST of ₹87,009 crore, which included ₹39,198 crore collected on import of goods. GST Compensation Cess inflows stood at ₹12,274 crore, including ₹1,036 crore collected on import of goods.

Between April and November 2023, GST revenues are now up 11.9% compared to the same period of 2022-23.

Festive season

November’s revenues, which stem from transactions undertaken in October, may partly reflect the later onset of the festive season this year, reckoned ICRA chief economist Aditi Nayar. “We expect Central GST collections to modestly exceed the budget estimates,” she added.

Among the States, Manipur was the only one to record a negative growth in revenues as GST collections fell 21%, while the Union Territory of Lakshadweep saw a 15% drop.

Revenues of 13 States grew at or higher than 20% pace averaged nationally from domestic transactions, led by Nagaland (99%), Arunachal Pradesh (48%) and Haryana (44%).

On the other hand, 13 States’ GST kitties grew slower than the average national uptick, including Gujarat, Maharashtra, Karnataka. Meghalaya, with a mere 1% growth, saw the weakest revenue uptick, along with Odisha and Jharkhand, whose revenues rose 3% each.



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