GST collection for December surges 7.3% YoY to ₹1.77L crore
What's the story
India's Goods and Services Tax (GST) collection for December 2024, has seen a sharp 7.3% year-on-year rise, hitting ₹1.77 lakh crore. This is an increase over the ₹1.65 lakh crore collected during the same period last year, according to government data released today. The revenue is shared between Central GST, State GST, Integrated GST, and cess collections.
Revenue details
Breakdown of December's GST revenue
The GST revenue for December was spread across various categories. The Central GST contributed ₹32,836 crore while the State GST added ₹40,499 crore to the total collection. The Integrated GST accounted for a major chunk with ₹47,783 crore and cess collections stood at ₹11,471 crore. This diverse distribution shows a balanced contribution from various sectors toward the overall tax revenue.
Economic growth
Domestic transactions and imports boost GST collection
Domestic transactions contributed the most to the GST collection, growing at 8.4% to ₹1.32 lakh crore. Revenues from imports also grew by 4%, contributing ₹44,268 crore to the collection. Despite the strong growth in December's GST collection, it was lower than November's ₹1.82 lakh crore which had recorded an 8.5% YoY growth.
Fiscal performance
Refunds and net GST collection show growth
The data also showed a rise in refunds issued, which amounted to ₹22,490 crore in December. This is a 31% increase over the same period last year. After accounting for these refunds, the net GST collection was ₹1.54 lakh crore, marking a modest 3.3% growth. The figures show a steady improvement in India's fiscal performance under its unified tax regime.