India's goods and services tax collections rose 15% year-on-year to ₹1.68 lakh crore in November 2023, according to data released by the finance ministry.

This is the sixth time that gross GST collections have crossed the ₹1.60 lakh crore mark during the ongoing fiscal. The gross GST revenue collected in the month of October 2023 stood at ₹1.72 lakh crore, the second highest ever after April 2023 when GST collection came in at ₹1.87 lakh crore.

During the month of November, the revenues from domestic transactions (including import of services) are 20% higher than the revenues from these sources during the same month last year, the ministry of finance says in a statement.

The gross GST revenue collected in the month of November 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including ₹1,036 crore collected on import of goods).

The government has settled ₹37,878 crore to CGST and ₹31,557 crore to SGST from IGST. The total revenue of the Centre and the states in the month of November, 2023 after regular settlement is ₹68,297 crore for CGST and ₹69,783 crore for the SGST.

The gross GST collection for the financial year 2023-24 ending November 2023 (₹13,32,440 crore, averaging ₹1.66 lakh per month) is 11.9 % higher than the gross GST collection for the FY 2022-23 ending November 2022 (₹11,90,920 crore, averaging ₹1.49 lakh crore per month), the finance ministry says.

On Thursday, the government said it has received ₹15,90,712 crore (58.6% of corresponding Budget Estimate 2023-24 of Total Receipts) up to October 2023 comprising ₹13,01,957 crore tax revenue (Net to Centre), ₹2,65,765 crore of non-tax revenue and ₹22,990 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans ₹14,990 crore and miscellaneous capital receipts of ₹8,000 crore.

The central government has transferred ₹5,28,405 crore to state governments as devolution of share of taxes up to this period which is ₹93,966 crore higher than the previous year. “Total Expenditure incurred by Government of India is ₹23,94,412 crore (53% of corresponding BE 2023-24), out of which ₹18,47,488 crore is on Revenue Account and ₹5,46,924 crore is on Capital Account. Out of the Total Revenue Expenditure, ₹5,45,086 crore is on account of Interest Payments and ₹2,31,694 crore is on account of Major Subsidies,” the finance ministry said.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.