Mumbai, Dec 2: The country’s gross GST revenue went up by 15 per cent to touch an 8-month high of Rs 1,67,929 crore mark in November, according to data released by the Finance Ministry on Friday.
This is the highest GST collected for any month year-on-year during 2023-24 so far. During the month, the revenues from domestic transactions (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year.
This is the sixth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in 2023-24. The gross GST collection for the FY 2023-24 ending November, 2023 works out to Rs 13,32,440 crore, averaging Rs 1.66 lakh per month. This is 11.9 per cent higher than the gross GST collection for the FY 2022-23 ending November, 2022.
The government has settled Rs 37,878 crore to CGST and Rs b31,557 crore to SGST from IGST. The total revenue of Centre and the States in the month of November 2023 after regular settlement is Rs 68,297 crore for CGST and Rs 69,783 crore for the SGST.
Legislative changes are needed in the goods and services tax (GST) law to give a higher share of revenue to producer states such as Chhattisgarh, a senior legislator from that state said on Friday.
Chattisgarh deputy chief minister T.S. Singh Deo also said the Centre’s share of GST revenue should not be more than 20%.“The states are getting only 71% of the revenue. The (remaining) 29% that the states were getting during the VAT (value-added tax) regime is going away to the central government, which is completely unfair. What must be corrected is the GST structure that is unfair to producing states and mineral rich-states like ours,” he said.