GST revenue goes up by 10% to Rs 1.64 lakh cr in December 2023 | Business

New Delhi: Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago.

During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday.

The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.

“The gross GST revenue collected in December 2023 is Rs 1,64,882 crore out of which CGST is Rs 30,443 crore, SGST is Rs 37,935 crore, IGST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods) and cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods),” the statement said.

Notably, this marks the seventh month so far this year with collections exceeding Rs 1.60 lakh crore, it said.

The government has settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST, it said, adding the total revenue of Centre and the states in December 2023 after the regular settlement is Rs 70,501 crore for CGST and Rs 71,587 crore for the SGST.

The revenues for December 2023 are 10.3 per cent higher than the GST revenues in the same month last year.

During the month, the revenues from domestic transactions (including import of services) are 13 per cent higher than the revenues from these sources a year ago.

Deloitte India partner MS Mani said the robust collections during the current fiscal are not driven by festive or seasonal reasons but demonstrate the strong underlying economic growth noticed across sectors.

While major states have continued their growth, deeper analysis is required for the lack of growth in GST collections in Rajasthan, Chhattisgarh and Jharkhand, he added.

With the continuing impressive growth exceeding the fiscal targets for FY24, it is likely that the interim budget/vote on account expected on February 1 would set higher targets for FY25 as well as set the tone for the next generation of GST reforms, he said.