India posts robust GST growth with Rs 14.97 lakh crore collection from April to December 2023
Jan 01, 2024
New Delhi [India], January 1 : The Ministry of Finance announced today that India's Gross Goods and Services Tax (GST) collection displayed a commendable 12 per cent year-on-year growth during the April-December 2023 period, totalling Rs 14.97 lakh crore.
According to a press release by the Ministry of Finance, this figure marked a substantial increase from the Rs 13.40 lakh crore collected in the corresponding period of the previous fiscal year (April-December 2022).
The average monthly gross GST collection in the initial nine months of the fiscal year 2023-24 stood at Rs 1.66 lakh crore, reflecting a 12 per cent surge compared to the Rs 1.49 lakh crore monthly average recorded in the same period of the previous fiscal year.
For the month of December 2023, the gross GST revenue reached Rs 1,64,882 crore. The breakdown includes Central GST (CGST) at Rs 30,443 crore, State GST (SGST) at Rs 37,935 crore, Integrated GST (IGST) at Rs 84,255 crore (including Rs 41,534 crore from import of goods), and cess at Rs 12,249 crore (including Rs 1,079 crore from import of goods). Notably, this marks the seventh month of the fiscal year with collections exceeding Rs 1.60 lakh crore, read the press release.
The government settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST. After regular settlement, the total revenue for the Centre and the States in December 2023 amounted to Rs 70,501 crore for CGST and Rs 71,587 crore for SGST.
The revenues for December 2023 are 10.3 per cent higher than the GST revenues in the same month the previous year.
Domestic transactions, including the import of services, witnessed a 13 per cent increase in revenues compared to December of the previous fiscal year, read the press release.
This robust GST performance reflects a positive economic trend, showcasing resilience and growth in India's fiscal landscape.
The consistent rise in collections is indicative of increased economic activities and consumption, further strengthening the government's revenue base.
The Ministry of Finance remains optimistic about the fiscal trajectory as the country moves forward into the new year.
