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 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.
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.
Analyzing the top contributors to GST revenue, Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, and Sikkim lead the list. This sequence precedes Goa, followed by Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana, Andhra Pradesh, and Ladakh, along with other territories and central jurisdictions.
