 "GST collections hit Rs 1.77 trillion in December 2024, up 7.3%: Govt")
India's goods and services tax (GST) collections rose to Rs 1.77 trillion in December, marking the tenth consecutive month of collections exceeding Rs 1.7 trillion, according to government data released on Wednesday. (Correction: An earlier version of this report mentioned a 31 per cent increase in refunds compared to December 2023, which was later corrected to 45.3 per cent. The error is regretted)
The collections in December reflect a 7.3 per cent increase compared to the Rs 1.65 trillion collected in December 2023. However, they remain below the Rs 2.1 trillion peak recorded in April 2024. The number is also lower than the Rs 1.82 trillion reported in November 2024, which marked an 8.5 per cent year-on-year growth.
December 2024: Central, state, and integrated GST
The Central GST collection for December stood at Rs 32,836 crore, while State GST and Integrated GST contributions amounted to Rs 40,499 crore and Rs 47,783 crore, respectively. Collections from cess were reported at Rs 11,471 crore.
Domestic transactions
Domestic transactions during the month contributed Rs 1.32 trillion, an 8.4 per cent increase compared to the same period last year. Revenues from GST on imports rose by 4 per cent year-on-year to Rs 44,268 crore.
Refunds issued
Refunds issued in December totalled Rs 22,490 crore, reflecting a significant 45.3 per cent increase over December 2023. Adjusting for refunds, net GST collections increased by 3.3 per cent year-on-year to Rs 1.54 trillion.
November GST highlights
In November, the GST collections were driven by strong revenues from domestic transactions, which grew by 9.4 per cent year-on-year to Rs 1.40 trillion. Import-related GST revenues also showed a 6 per cent increase, amounting to Rs 42,591 crore.
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Central GST stood at Rs 34,141 crore, while State GST and Integrated GST were reported at Rs 43,047 crore and Rs 91,828 crore, respectively. Cess collections during the month totalled Rs 13,253 crore. Refunds issued in November amounted to Rs 19,259 crore, reflecting an 8.9 per cent decline compared to the previous year.
The steady rise in GST revenues signals improved economic performance compared to the previous quarter, despite challenges in the broader economic landscape.
India’s economy faced a slowdown in the second quarter of the financial year, with GDP growth dipping to a seven-quarter low of 5.4 per cent, down from 6.7 per cent in the April-June period.