India’s GST Collection Shows Strong Growth of 12% YoY in April-December 2023

India's GST Collection Shows Strong Growth of 12% YoY in April-December 2023

VoM News Desk | January 1, 2024 | 11:11 PM IST | Breaking News | Follow on Google News

India’s GST Collection Shows Strong Growth of 12% YoY in April-December 2023

India’s GST Collection Shows Strong Growth of 12% YoY in April-December 2023

India’s Gross Goods and Services Tax (GST) collection displayed significant growth, marking a commendable 12% year-on-year increase during the April-December 2023 period, totaling Rs 14.97 lakh crore, as announced by the Ministry of Finance today.

The figures highlighted a substantial rise from the Rs 13.40 lakh crore collected during the corresponding period in the previous fiscal year (April-December 2022), according to a press release from the Ministry of Finance.

Throughout the initial nine months of the fiscal year 2023-24, the average monthly gross GST collection stood at Rs 1.66 lakh crore, demonstrating a 12% surge compared to the monthly average of Rs 1.49 lakh crore recorded in the same period of the previous fiscal year.

December 2023 witnessed the gross GST revenue reaching Rs 1,64,882 crore. This consisted of 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 the import of goods), and cess at Rs 12,249 crore (including Rs 1,079 crore from import of goods). The press release noted that this marked the seventh month in the fiscal year with collections surpassing Rs 1.60 lakh crore.

The government disbursed Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST. After standard settlements, December 2023’s total revenue stood at Rs 70,501 crore for CGST and Rs 71,587 crore for SGST, representing a 10.3% increase over GST revenues in the same month the previous year.

The press release further highlighted a 13% rise in revenues from domestic transactions, including the import of services, compared to December of the previous fiscal year.

This robust GST performance underscores a positive economic trend, showcasing resilience and growth in India’s fiscal landscape. The consistent increase in collections reflects heightened economic activities and consumption, contributing to the strengthening of the government’s revenue base.

The Ministry of Finance maintains an optimistic outlook for the fiscal trajectory as the country progresses into the new year.

VoM News Desk

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