India’s gross Goods and Services Tax (GST) collections for December 2024 rose to Rs 1.77 lakh crore against Rs 1.65 lakh crore collected in December 2023. This collection reflects a year-on-year increase of 7.3 per cent, as per the data released by the government on Wednesday.
The December collections included Rs 32,836 crore from central GST (CGST), Rs 40,499 crore from state GST (SGST), Rs 47,783 crore from integrated GST (IGST), and Rs 11,471 crore from cess.GST revenues from domestic transactions grew by 8.4 per cent to Rs 1.32 lakh crore, while collections from imports increased by 4 per cent to Rs 44,268 crore.
In November 2024, GST revenues stood at Rs 1.82 lakh crore, recording 8.5 per cent annual growth. The highest-ever monthly collection was achieved in April 2024, with a record Rs 2.10 lakh crore.
So far, in the financial year 2024-25, total GST collections have increased by 9.1 per cent, amounting to Rs 16.33 lakh crore, compared to Rs 14.97 lakh crore during the same period last year. For the entire financial year 2023-24, gross GST revenues reached Rs 20.18 lakh crore, registering an 11.7 per cent growth from the previous fiscal year.
During December 2024, refunds worth Rs 22,490 crore were issued, marking a 31 per cent increase over the corresponding period last year. After accounting for refunds, the net GST collection rose by 3.3 per cent to Rs 1.54 lakh crore.
The steady growth in GST revenues reflects a positive trajectory for India’s economy, driven by strong domestic consumption and buoyant trade activity. These figures signal resilience amidst global uncertainties and underscore the country’s fiscal stability and economic recovery efforts.
Introduced on 1st July 2017, GST has transformed India’s indirect tax system. States were assured compensation for any revenue losses under the GST (Compensation to States) Act, 2017, for five years following its implementation.
To ease the financial burden on citizens, the GST Council has reduced tax rates on essential items like hair oil, toothpaste, soap, wheat, rice, and curd. Consumer goods such as mobile phones, refrigerators, and TVs up to 32 inches have also seen substantial rate cuts.
The GST Council, chaired by the Union Finance Minister and comprising state finance ministers, continues to guide the tax framework.
The most recent meeting, held on 21st December 2024 in Jaisalmer, Rajasthan.
