The Goods and Services Tax (GST) collections grew by 11 per cent to about Rs 1.46 lakh crore in November on higher revenues from imports. It is the ninth straight month that GST revenues have been more than Rs 1.4 lakh crore. However, the November collection is lower than last month.
The gross GST collected in the month of November 2022 is Rs 1,45,867 crore of which CGST is Rs 25,681 crore, SGST is Rs 32,651 crore, IGST is Rs77,103 crore (including Rs 38,635 crore collected on import of goods), and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods), the finance ministry said on Thursday while releasing provisional data.
GST collections in Novermber are 3.9 per cent lower than October. Last month, GST collections touched Rs 1.52 lakh crore on festive spending. This was the second-highest level of monthly GST revenue.
“The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs. 1.31,526 crore. During the month, revenues from import of goods was 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year,” the finance ministry said.
The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month stood at Rs 59,678 crore for CGST and Rs 61,189 crore for the SGST. In addition, the Centre had also released Rs 17,000 crore as GST compensation to states during the month.
Only eight states and Union Territories (UTs) witnessed more than 14 per cent growth in their revenues. Only Bihar (28 per cent), Arunachal Pradesh (55 per cent), Manipur (42 per cent), Damn and Diu (67 per cent), Maharashtra (67 per cent), Puducherry (22 per cent), Andhra Pradesh (14 per cent), and Ladakh (273 per cent) saw their GST revenues rise by 14 per cent or more in November.
MS Mani, partner, Deloitte India, said, ” While the overall GST collections are lower than last month and the increase in the statewise collections for this month is also lower than last month, since the GST collections from import of goods has shown a significant increase, it is expected that the Customs collections would also be higher with the continuing stability in GST collections since the beginning of this financial year, the GST collection targets set for the year are likely to be exceeded. Business would expect that the continuing buoyancy in collections leads to GST rate rationalisation in the next financial year.”
Saloni Roy, another partner with Deloitte India, said, “India has been clocking a healthy Rs 1.5 lakh crores as monthly GST collections, though this month’s collection has been slightly lower than what is now almost the norm. Healthy, regular and robust GST collections are a mirror to the economy’s performance. So far India’s story seems protected from the global economic trends and show that the domestic demand continues on a positive trajectory.”