GST collections rise 7.3 pc to Rs 1.77 lakh cr in December

Goods and services tax or GST collections rose 7.3 percent to Rs 1.77 lakh crore in December, staying above the Rs 1.7 lakh crore mark for a tenth consecutive month. (Image: DC)
New Delhi: Goods and Services Tax (GST) collections rose by 7.3% to ₹1.77 lakh crore in December, maintaining figures above the ₹1.7 lakh crore mark for the tenth consecutive month. While higher than the ₹1.65 lakh crore collected in December 2023, it fell short of the record ₹2.1 lakh crore achieved in April 2024, according to government data released on Wednesday.
In the financial year 2024-25 so far, total GST collections have surged by 9.1% to ₹16.33 lakh crore, compared to ₹14.97 lakh crore in the same period last year. For the full financial year 2023-24, gross GST revenues reached ₹20.18 lakh crore, reflecting an 11.7% growth over the previous fiscal.
December's GST revenue comprised ₹32,836 crore in central GST (CGST), ₹40,499 crore in state GST (SGST), ₹47,783 crore in integrated GST (IGST), and ₹11,471 crore in cess. Domestic GST revenue rose by 8.4% to ₹1.32 lakh crore, while tax on imports increased by 4% to ₹44,268 crore.
The GST mop-up in November 2024 stood at ₹1.82 lakh crore, registering 8.5% annual growth. The highest-ever monthly collection remains ₹2.1 lakh crore, recorded in April 2024.
Refunds issued in December totaled ₹22,490 crore, marking a 31% increase compared to the same period last year. After adjusting for refunds, net GST collections grew by 3.3% to ₹1.54 lakh crore.
( Source : Deccan Chronicle )
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