GST Collection of Rs. 1.46 Lac Crore in November 2022

The gross GST revenue collection for November 2022 is Rs. 145,867 crore, 11% higher than the corresponding month last year (November 2021 at Rs. 131,526 crores), while monthly GST collections surpassed Rs. 1.5 lac crores for the second time this fiscal year in October 2022, following April 2022.

It should be noted that GST collection from imports of goods/services has increased by 20%, while collection from domestic transactions has increased by 8% compared to November last year.

In a statement, the Ministry of Finance released a detailed breakdown of the Goods and Services Tax (GST) collections that were made for the month of November 2022.

Ministry stated that the total amount collected during November 2022 from GST is Rs. 145,867 crores which includes the CGST collection of Rs. 25,681 crore, the SGST collection of Rs. 32,651 crore, the IGST collection of Rs. 77,103 crore including Rs. 38,635 crore from import of goods, and the Cess collection of Rs. 10,433 crore including Rs. 817 crore from import of goods.

The government has made a normal settlement of Rs. 33,997 crore to CGST and Rs. 28,538 crore to SGST from IGST, according to a Statement issued by the Ministry.

The total revenue of Centre and the States after regular settlements in the month of November 2022 is Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST. In addition, Centre had also released Rs 17,000 crore as GST compensation to States/UTs in November 2022.

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