GST revenue nears ₹1.68 lakh cr in Nov

Third highest GST collection, crossing the ₹1.60 lakh crore mark for the 8th time

- Rajeev Jayaswal

Goods and Services Tax (GST) revenue in November came close to 21.68 lakh crore, the third highest monthly collection since the new tax regime was rolled out six years ago, crossing the 1.60 lakh croremark for eighth time since its inception in July 2017, and sixth time in 2023-24, on the back of a buoyant economy and robust domestic demand.

The ₹ 1,67,929 crore gross collection in the month of November 2023 is 15% higher than ₹1,45,867 crore collected in the same month last year, which the Union finance ministry said is the highest year-on-year revenue growth so far in any month this financial year.

The gross GST collection for 2023-24 (till November) is ₹ 13,32,440 crore, which is 11.9% higher than the gross GST collection of ₹ 11,90,920 crore for the same period of 2022-23, the finance ministry said in a statement.

The average monthly collection in the first eight months of current financial year is 1.66 lakh crore as compared to average collection of 1.49 lakh crore per month in the corresponding period of FY23.