India’s gross Goods and Services Tax (GST) revenue climbed 7.3 per cent year-on-year to Rs 1.77 lakh crore in December, according to government data released Wednesday (January 1).
However, the collections dropped 2.97 per cent month-on-month, reaching a three-month low.
The year-to-date (YTD) GST collections now stand at Rs 16,33,569 crore– a 9.10 per cent increase over the same period last year, according to CNBC-TV18.
The Central GST (CGST) collection accounted for Rs 32,836 crore, State GST (SGST) for Rs 40,499 crore, Integrated GST (IGST) for Rs 47,783 crore, and Cess for Rs 11,471 crore.
Domestic transactions contributed Rs 1.32 lakh crore, up 8.4 per cent from the same period last year, while GST revenue from imports rose 4 per cent to Rs 44,268 crore.
Refunds totalling Rs 22,490 crore were issued during the month, marking a 31 per cent increase from December 2023. After accounting for refunds, the net GST collection increased by 3.3 per cent to Rs 1.54 lakh crore.
The December numbers follow a higher GST collection of Rs 1.82 lakh crore in November, which recorded 8.5 per cent annual growth. April 2024 remains the all-time high for GST collections, with over Rs 2.10 lakh crore.
The 55th meeting of India’s Goods and Services Tax (GST) Council was held on December 21, 2024 in Jaisalmer, Rajasthan.
Significant attention was given to addressing pressing economic issues such as food inflation, unemployment, rural job creation, and maintaining capital expenditure momentum.
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Some of the key recommendations was to raise the GST rate on old and used electric vehicles, and on small petrol and diesel cars, from 12 per cent to 18 per cent.
A proposal to increase GST rates on high-end items such as luxury wristwatches and shoes was made. This is expected to generate an additional Rs 22,000 crore annually in revenue.
With inputs from agencies
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How much GST did Indians pay in December 2024? Govt data says…
