GST collections increased 7.3% YoY to Rs.1.77 lakh crore in December 2024

The Gross Goods and Services Tax (GST) collection of India in December 2024 increased to Rs.1.77 lakh crore, compared to Rs.1.65 lakh crore in December 2023. According to figures issued by the government on Wednesday, this collection represents a 7.3% rise over the previous year.

The December revenue collection 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 the cess.

GST revenues reached Rs.1.82 lakh crore in November 2024, representing an annual growth rate of 8.5%. April 2024 was the highest monthly collection ever, totalling Rs.2.10 lakh crore.

So far in the financial year 2024-25, total GST revenue collection have climbed by 9.1 percent, totalling Rs.16.33 lakh crore, compared to Rs.14.97 lakh crore in the same period the previous year. Gross GST collection for the financial year 2023-24 totalled Rs.20.18 lakh crore, representing an 11.7% increase over the previous year.

In December 2024, refunds totalling Rs.22,490 crore were given, representing a 31% increase over the same period last year. After accounting for refunds, the net GST revenue increased by 3.3% to Rs.1.54 lakh crore.

GST revenues have been steadily increasing, indicating a healthy trajectory for India’s economy, which is being driven by strong domestic consumption and robust trade. These figures demonstrate resilience in the face of global uncertainty and highlight the country’s budgetary stability and economic recovery initiatives.