New Delhi: Continuing the upward trend, GST collection It increased by 10 percent to about Rs 1.64 lakh crore in December, from Rs 1.49 lakh crore in the same month a year ago.
The Finance Ministry said that during the April-December 2023 period, gross goods and services tax (GST) collections witnessed a strong growth of 12 per cent to Rs 14.97 lakh crore as against Rs 13.40 lakh crore in the same period last year. Has reached. In a statement on Monday.
It said the average monthly gross GST collection of Rs 1.66 lakh crore in the first nine months this year represents a growth of 12 per cent compared to the average of Rs 1.49 lakh crore recorded in the same period of FY23.
The gross GST revenue collected in December, 2023 is Rs 1,64,882 crore, 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 is the seventh month so far this year with collections of more than Rs 1.60 lakh crore.
The government has settled Rs 40,057 crore for CGST and Rs 33,652 crore for SGST from IGST, it said, adding that after regular settlement, the total revenue of the Center and states in December 2023 will be Rs 70,501 crore for CGST and Rs 70,501 crore for SGST. Is Rs 71,587 crore. ,
The revenue for December 2023 is 10.3 percent more than the GST revenue of the same month last year.
During the month, revenues from domestic transactions (including imports of services) were 13 per cent higher than revenues from these sources a year ago.
MS Mani, partner, Deloitte India, said the strong collections during the current financial year are not driven by festive or seasonal reasons, but reflect the strong underlying economic growth seen across all sectors.
He said while major states have continued their growth, the lack of growth in GST collections in Rajasthan, Chhattisgarh and Jharkhand requires deeper analysis.
He said, with consistently impressive growth exceeding fiscal targets for FY2024, it is likely that the interim budget/vote on account expected on February 1 will set higher targets for FY2025 as well as the next generation of GST reforms. Will decide the path for.
The Finance Ministry said that during the April-December 2023 period, gross goods and services tax (GST) collections witnessed a strong growth of 12 per cent to Rs 14.97 lakh crore as against Rs 13.40 lakh crore in the same period last year. Has reached. In a statement on Monday.
It said the average monthly gross GST collection of Rs 1.66 lakh crore in the first nine months this year represents a growth of 12 per cent compared to the average of Rs 1.49 lakh crore recorded in the same period of FY23.
The gross GST revenue collected in December, 2023 is Rs 1,64,882 crore, 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 is the seventh month so far this year with collections of more than Rs 1.60 lakh crore.
The government has settled Rs 40,057 crore for CGST and Rs 33,652 crore for SGST from IGST, it said, adding that after regular settlement, the total revenue of the Center and states in December 2023 will be Rs 70,501 crore for CGST and Rs 70,501 crore for SGST. Is Rs 71,587 crore. ,
The revenue for December 2023 is 10.3 percent more than the GST revenue of the same month last year.
During the month, revenues from domestic transactions (including imports of services) were 13 per cent higher than revenues from these sources a year ago.
MS Mani, partner, Deloitte India, said the strong collections during the current financial year are not driven by festive or seasonal reasons, but reflect the strong underlying economic growth seen across all sectors.
He said while major states have continued their growth, the lack of growth in GST collections in Rajasthan, Chhattisgarh and Jharkhand requires deeper analysis.
He said, with consistently impressive growth exceeding fiscal targets for FY2024, it is likely that the interim budget/vote on account expected on February 1 will set higher targets for FY2025 as well as the next generation of GST reforms. Will decide the path for.