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GST collections jump 10% to Rs 1.64 lakh crore in December

02 Jan 2024 Evaluate

The finance ministry has said that Goods and Services Tax (GST) collections jumped 10 per cent to about Rs 1.64 lakh crore in December 2023 compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross GST collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore, as against Rs 13.40 lakh crore collected in the same period of the previous year.

The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this financial year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23.

Out of the total Rs 1,64,882 crore GST collection, CGST is Rs 30,443 crore, SGST is Rs 37,935 crore, IGST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods) and cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods). Notably, this marks the seventh month so far this year with collections exceeding Rs 1.60 lakh crore.

The government has settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST. The total revenue of Centre and the States in the month of December, 2023 after regular settlement is Rs 70,501 crore for CGST and Rs 71,587 crore for the SGST.


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