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Press Release

Date: December 1, 2023
Subject: GST Revenue Records Highest Year-on-Year Growth in November 2023
Description:

Gross Goods and Services Tax (GST) revenue collection for November 2023 stood at ₹1,67,929 crore, registering a strong year-on-year growth of 15 percent, the highest growth rate recorded in any month so far in FY 2023–24. This marked the sixth occasion during the financial year that monthly GST collections crossed the ₹1.60 lakh crore threshold, reflecting sustained economic activity and improved tax compliance. Revenues from domestic transactions, including import of services, were 20 percent higher than in November 2022, indicating broad-based consumption and business momentum. For the month, GST collections comprised ₹30,420 crore as CGST, ₹38,226 crore as SGST, ₹87,009 crore as IGST (including ₹39,198 crore from imports), and ₹12,274 crore as compensation cess. The Centre settled ₹37,878 crore to CGST and ₹31,557 crore to SGST from IGST collections, ensuring timely revenue distribution between the Centre and States. Cumulatively, gross GST collections for FY 2023–24 up to November reached ₹13.32 lakh crore, reflecting a year-on-year growth of 11.9 percent compared to the corresponding period of the previous year, with an average monthly collection of ₹1.66 lakh crore. The revenue trends underscore the resilience of the GST framework and the continued strengthening of India’s economic recovery.

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