GST collection for November stands at Rs 1,45,867 crore, surges 11% YoY

The gross GST revenue collection for the month of November accounted for Rs 1,45,867 crore, stated a press release on Thursday. The revenue collection has witnessed a surge of 11 per cent on an annual basis.

The CGST accounted for Rs 25,681 crore and SGST for Rs 32,651 crore. The IGST accounted for Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and Cess for Rs 10,433 crore (including Rs 817 crore collected on import of goods).

“The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is ₹59678 crore for CGST and ₹61189 crore for the SGST. In addition, Centre had also released ₹17,000 crore as GST compensation to States/UTs in November 2022,” stated the release.

During the month, revenues from import of goods was 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.
“GST Collections have been increasing steadily. The major factors for increase in collections is festive and wedding season. There has also been a major increase in sales for real estate and vehicle markets. Overall, there is substantial spending by the consumers. Further the authorities have been cracking down on tax evaders, defaulters, fake invoice instances,” said Parag Mehta, Partner, Indirect Tax, N.A. Shah Associates.

The GST authorities have been adopting advanced analytics of live data available with them online and tracking transactions. “It now appears that GST collections will now be on the upward side only and 1.40 lakh crores will be the benchmark,” Mehta added.

ETRise MSME Day 2022 Mega Conclave with Industry Leaders. Watch Now.

Source link

Spread the word!

Leave a Comment

Your email address will not be published. Required fields are marked *