Overview of November 2023 GST Revenue Collection

As per the Press Release from the Ministry of Finance, India witnessed a significant milestone in its GST revenue collection, reaching Rs 1,67,929 lakh crore in November 2023. This marked a remarkable growth rate of 15% Year-on-Year (YoY), showcasing substantial progress in fiscal terms. This achievement was particularly noteworthy as it stood as the highest growth rate for any month in the year 2023-24, up to November 2023.

Consistent Performance in FY 2023-24

The gross GST collection exceeded the Rs 1.60 lakh crore mark for the 6^th time in the fiscal year 2023-24, indicating consistent robust performance. Cumulatively, for the period until November 2023, the gross GST revenue exhibited an 11.9% increase YoY, a positive trend reflecting steady fiscal growth.

Breakdown of November 2023 GST Collection

Breaking down the November 2023 figures, the collected gross GST revenue of Rs 1,67,929 crore comprised CGST (Rs 30,420 crore), SGST (Rs 38,226 crore), IGST (Rs 87,009 crore, inclusive of Rs 39,198 crore from Import of goods), and Cess (Rs 12,274 crore, including Rs 1,036 crore from Import of goods).

Revenue Distribution

The government executed settlements wherein Rs 37,878 crore was allocated to CGST and Rs 31,557 crore to SGST from IGST. Consequently, the total revenue distribution for the Centre and States in November 2023, post-settlement, stood at Rs 68,297 crore for CGST and Rs 69,783 crore for SGST.

Comparative Analysis and Growth Indicators

The November 2023 revenues exhibited a 15% surge compared to the GST revenues recorded in the same month of the preceding year. Within this, revenues from domestic transactions, including service imports, soared by 20% compared to the previous year—a significant indication of robust growth in the domestic market.

Yearly Comparison and Trends

Analysing the fiscal year 2023-24 up to November 2023, the gross GST collection reached Rs 13,32,440 crore, averaging Rs 1.66 lakh crore per month. This reflects an 11.9% increase compared to the gross GST collection of Rs 11,90,920 crore, averaging Rs 1.49 lakh crore per month, in the previous fiscal year up to November 2022.

State-wise Figures and Post-Settlement Revenue

Tables depicting state-wise figures of GST collection in November 2023 compared to November 2022 (Table 1) and post-settlement GST revenue for each state up to November 2023 (Table 2) provide a detailed insight into regional contributions and revenue distribution across states.

This notable performance in GST collection signifies a positive trajectory in India’s fiscal growth, underlining the resilience and strength of the economy.

Table 1: State-wise growth of GST Revenues during November 2023 (Rs in Crore)

Table 2: SGST & SGST portion of IGST settled to States/UTs from April-November (Rs in Crore)