Bumper 2024: GST collection rises 7.3% to Rs 1.77 lakh crore in December 

by


The gross GST collection rose 7.3 percent year-on-year to Rs 1.77 lakh crore in December, according to government data released on January 1. The Central GST (CGST) collection stood at Rs 32,836 crore, State GST (SGST) at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore. 

The total gross Goods and Services Tax (GST) revenue grew 7.3 percent to Rs 1.77 lakh crore in December as compared to Rs 1.65 lakh crore in the same month a year ago, it said. 

During the month under review, GST from domestic transactions grew 8.4 percent to Rs 1.32 lakh crore, while revenues from tax on imports rose about 4 percent to Rs 44,268 crore. 

During the month, refunds worth Rs 22,490 crore were issued, registering 31 percent increase over the year-ago period. After adjusting refunds, net GST collection increased by 3.3 percent to Rs 1.54 lakh crore. 

In November, GST mop-up was Rs 1.82 lakh crore with 8.5 percent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore. 

During the month under review, GST from domestic transactions grew 9.4 percent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 percent to Rs 42,591 crore.  

Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 percent decline over the year-ago period. After adjusting refunds, net GST collection increased by 11 percent to Rs 1.63 lakh crore.

In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 percent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.  


Leave a Comment