India’s gross goods and services tax (GST) collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore by December 2024, according to data released by the government on Wednesday. This is an increase of Rs 1.65 lakh crore from the Rs 1.65 lakh crore collected in December 2023, reflecting the resilience of the country's budget and its effective compliance under the GST regime.
"GST collections for December 2024 surged by 9.1%, reaching Rs 1,76,857 crore, compared to Rs 1,64,882 crore in December 2023, says Government of India. Data source," said Government of India.
December 2024 GST income breakdown
- Central GST (CGST): Rs 32,836 crore
- State GST (SGST): Rs 40,499 crore
- Integrated GST (IGST): Rs 47,783 crore
- Cess: Rs 11,471 crore
GST from the domestic sector rose 8.4 per cent year-on-year to Rs 1.32 lakh crore. Import earnings also increased by 4 per cent, contributing Rs 44,268 crore to the total collection.
Compared to previous months
Though the December GST collection reflects strong year-on-year growth, it is slightly lower than the mop-up of Rs 1.82 lakh crore in November 2024, which saw growth of 8.5 percent GST, the highest ever collection in India recorded in April 2024, which passes Rs 2.10 lakh crore.
Refunds in December stood at Rs 22,490 crore, up 31 per cent from the same period last year. After adjustment for refunds, GST receipts stood at Rs 1.54 lakh crore, reflecting a growth of 3.3 per cent.
Economic consequences
The steady growth in GST collections highlighted the robust domestic economic activity and the effectiveness of compliance measures under the integrated Indian tax regime. With strong growth in domestic income and imports, the GST regime is forming an important pillar in the country’s economic strategy.
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