The November GST collection of Rs 1.68 lakh crore is a 2% decrease compared to the Rs 1.72 lakh crore collected in October.

This represents the ninth consecutive month in which the monthly GST collection has surpassed Rs 1.5 crore.

Recent GST data places the average monthly collection at Rs 1.67 lakh crore in 2023-24. Over time, monthly GST collections have increased. After being severely impacted by the pandemic in 2020-221, monthly collections skyrocketed from an average of less than Rs 1 lakh crore in 2017-18, its inaugural year, to Rs 1.51 lakh crore in 2022-23.

State GST was Rs 38,226 crore, Integrated GST was Rs 87,009 crore, and compensation cess was Rs 12,274 crore in November. Central GST was Rs 30,420 crore.

In addition, the government transferred Rs 37,878 crore from Integrated GST to the Central GST and Rs 31,557 crore to the State GST. Consequently, the aggregate revenue for the month subsequent to the settlement amounted to Rs 69,783 crore for the State GST and Rs 68,297 crore for the Centre.

“During the month, the revenues from domestic transactions (including import of services) are 20 percent higher than the revenues from these sources during the same month last year,” according to a statement from the finance ministry.

Although November saw a slight decrease in total GST collections compared to October, the year-on-year growth of slightly more than 15 percent is the highest recorded thus far in the fiscal year 2023-24. Indeed, November witnessed the greatest year-on-year growth in GST collections in the past eleven months.

In accordance with the Budget for 2023-24, the Centre anticipates a 12 percent increase in GST collections for the current fiscal year. The aggregate GST collected thus far in the first eight months of the year amounts to Rs 13.32 lakh crore, representing an increase of 11.9 percent compared to the corresponding period in the previous year.

The PMI data is released one day after the statistics ministry reported that the manufacturing sector of the Indian economy expanded by 13.9 percent year-on-year during the July-September period, which was faster-than-expected at 7.6 percent.

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Pratik Jain, Partner at Price Waterhouse & Co LLP, predicts that audits and investigations will likely contribute to the upward trend in GST collections throughout the remainder of 2023–2024.

“It’s interesting to see that robust growth in GST (compared to last year) is seen in most of the manufacturing states, indicative of uplift in demand and consumption,” Jain commented.Services Tax mop-up expenses have surpassed Rs 1.5 lakh crore.

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• international investors ask Modi to reconsider the 28% gaming tax.
• which puts $4 billion in investments at risk.
• Investors are shocked by the government’s decision on the gaming tax.

Tiger Global, Peak XV, and Steadview Capital, among other international investors, have signed a letter to Prime Minister Narendra Modi pleading with him to reconsider the recently enacted 28% Goods and Services Tax (GST) on online games using real money.

According to the letter obtained by news agency Reuters, the investors contend that this tax may have a negative effect on potential investments worth $4 billion in the online gambling industry.

The levy on money collected from clients by online gambling companies was recently revealed by the government. Fantasy cricket games have become extremely popular, but there are also concerns about player addiction.

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The decision to implement the tax was met with shock and dismay by the investors, who said in their letter that it would “substantially and meaningfully erode investor confidence in the backing of this or any other sunrise sector in the Indian tech ecosystem.”

The letter emphasised the possible negative implications, emphasising that the tax decision might prevent future investments from growing in India by at least $4 billion over the following three to four years.

The office of Prime Minister Narendra Modi has not yet responded to the investors’ request. The tax plan is presently pending Parliament’s approval.

It should be mentioned that prominent investors in Indian gaming firms like Dream11 and Mobile Premier League include Tiger Global and Peak XV, formerly Sequoia Capital India.

Despite requests from the gaming industry, a majority of ministers on the government’s tax panel believe that wagers on online gaming sites are a “social evil” and that there is no need for further dialogue with the gaming industry on the issue.

In a recent letter to the finance ministry, more than 100 online gaming companies shared the same worry, stating that the levy will deter international investment and jeopardise the $2.5 billion already committed to the industry.

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