GST revenues up 7.3% year-on-year at Rs1.77 lakh crore in December
02 Jan 2025
Revenue collected by way of Goods and Services Tax (GST) in India increased 7.3 per cent year-on-year to Rs1.77 lakh crore in December 2024, official data released 1 January 2025 showed.
This, however, is 3 per cent lower than the Rs1.82 lakh crore collected in the previous month and the lowest for the three months of the October-December 2024-25 quarter.
It is also far short compared to the peak collection of Rs2.1 lakh crore in April 2024.
Gross GST collection for December 2024 included central GST (CGST) of Rs32,836 crore, state GST (SGST) of Rs40,499 crore, Integrated GST (IGST) of Rs47,783 crore (including Rs18,310 crore collected on imports) and cess of Rs11,471 crore (including Rs1,258 crore collected on imports).
GST from domestic transactions grew 8.4 per cent to Rs 1.32 lakh crore while revenues from imports increased by 4 per cent to Rs44,268 crore.
The shortfall in GST collection in December can be attributed to a fall consumption and a rise in refunds issued during the month. Analysts expect a rebound in revenue collections in the fourth quarter ending in March.
