PANJIM: November 2023 witnessed a significant economic boost for Goa as the Goods and Services Tax (GST) revenue surged by 12%, reaching a notable figure of Rs 503 crore compared to the preceding year’s Rs 447 crore.
At the national level, the GST collection skyrocketed to an impressive Rs 1.68 lakh crore, marking a remarkable 20% growth, the highest recorded increase. This substantial surge in national GST collections propelled Goa to the 28th position among states and union territories in terms of revenue generation.
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Breaking down the gross GST revenue for November 2023, the figures stand at `1,67,929 crore, comprising CGST (`30,420 crore), SGST (`38,226 crore), IGST (`87,009 crore, including `39,198 crore from import of goods), and cess (`12,274 crore, including `1,036 crore from import of goods). Notably, the government settled `37,878 crore to CGST and `31,557 crore to SGST from IGST, culminating in a total revenue of `68,297 crore for CGST and `69,783 crore for SGST after regular settlements.
November 2023 marked a 15% increase in GST revenues compared to the same month of the previous year, standing as the highest for any month year-on-year within 2023-24. Domestic transactions, including import of services, contributed to this surge, showcasing a 20% increase compared to the same month last year.
The cumulative gross GST collection for the fiscal year 2023-24 until November 2023 amounted to `13,32,440 crore, averaging `1.66 lakh crore per month. This figure stands 11.9% higher than the previous fiscal year ending November 2022, which averaged `1.49 lakh crore per month at `11,90,920 crore.
