GST Collection Reports Steady Growth in December

The GST collection in December rose 7.3% year-on-year to Rs 1.77 lakh crore. The growth includes significant increases in Central, State, and Integrated GST collections, while domestic transactions surged by 8.4%. November's mop-up was Rs 1.82 lakh crore, with April 2024 witnessing the highest-ever collection.

In December, India's GST collection witnessed a 7.3% year-on-year increase, reaching Rs 1.77 lakh crore, as per government data. The figures represent a consistent growth in Central, State, and Integrated GST, with Central GST accounting for Rs 32,836 crore, State GST at Rs 40,499 crore, and Integrated GST at Rs 47,783 crore.

The domestic transaction tax surged by 8.4% to Rs 1.32 lakh crore while revenue from imports rose by approximately 4% to Rs 44,268 crore. This upward trajectory highlights a robust performance in GST collections, despite a slight decrease from November's Rs 1.82 lakh crore.

Notably, April 2024 recorded the highest GST collection at over Rs 2.10 lakh crore. The month of December also saw Rs 22,490 crore in refunds issued, marking a 31% rise from the previous year. Adjusting for these refunds, the net GST collection increased by 3.3% to Rs 1.54 lakh crore.

(With inputs from agencies.)