India GST revenue: India’s Goods and Services tax revenue continued to rise on an annual basis, but it dropped to a three month low in December.
India’s GST collections rose 10.28 percent to reach Rs 1.65 lakh crore in December, the Finance Ministry announced today. The Goods and Services Tax (GST) mop-up was nearly Rs 1.50 lakh crore in December 2022. The December 2023 collections are, however, lower than Rs1.68 lakh crore collected in November and even down from Rs 1.72 lakh crore mopped up in October, which was the second-highest collection ever since the GST rollout.
“During the month, the revenues from domestic transactions (including import of services) are 13% higher than the revenues from these sources during the same month last year,” the finance ministry said in a statement.
The total December GST revenue includes CGST of Rs 30,443 crore, SGST of Rs 37,935 crore and IGST of Rs 84,255 crore (including Rs 41,534 crore from the import of goods), and cess amounted to Rs 12,249 crore (including Rs 1,079 crore from the import of goods).
It is the seventh time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in FY 2023–24.
The gross GST collection for the FY 2023–24 ending December 2023 of Rs 14.97 lakh crore is 12% higher than the gross GST collection for the FY 2022–23 ending December 2022.
The average monthly gross GST collection of ₹1.66 lakh crore over the initial nine-month period of this year depicts a 12% surge compared to the ₹1.49 lakh crore average recorded in the corresponding period of FY23.
Meanwhile, the Centre said that it 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 ₹70,501 crore for CGST and ₹71,587 crore for the SGST,” the finance ministry said.
