December GST Collections Surge 10% YoY, Totaling Nearly Rs 1.65 Lakh Crore

NEW DELHI: The government’s goods and services tax or GST collections climbed 10 percent on year-on-year (YoY) basis in December 2023 to nearly about Rs 1.65 lakh crore, while the April-December 2023 period witnessed a robust GST collection of 12 per cent YoY growth, reaching Rs 14.97 lakh crore. Showing a significant growth month wise, the December month is the tenth month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark, the ministry of finance said on Monday.

As the monthly GST collections have risen over the years, it has been observed that the latest GST collection takes the average monthly to Rs 1.66 lakh crore in this financial year of 2023-24. From averaging under Rs 1 lakh crore per month in 2017-18, its first year-collections rose rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23.

“During the April-December 2023 period, gross GST collection witnessed a robust 12 percent year-on-year growth, reaching Rs 14.97 lakh crore, as against Rs 13.40 lakh crore collected in the same period of the previous year. The average monthly gross GST collection of Rs 1.66 lakh crore in the first 9-month period this year represents a 12 percent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23,” the finance ministry said in a statement.

“The gross GST revenue collected in the month of 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). Notably, this marks the seventh month so far this year with collections exceeding Rs 1.60 lakh crore,” statement said.

Further, it also said that the government settled Rs 40,057 crore to central GST and Rs 33,652 crore to state GST from integrated GST. “As a result, the total revenue for the month post settlement was Rs 70,501 crore for the Centre and Rs 71,587 crore for state GST,” it added.

MONTH-WISE GST MOP-UP STARTING FROM APRIL 2023 THIS FINANCIAL YEAR

Month Mop-up in Rs lakh cr approx.

April Rs 1.87
May Rs 1.57
June Rs 1.61
July Rs 1.65
August Rs 1.59
September Rs 1.63
October Rs 1.72
November Rs 1.68
December Rs 1.65
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Total collections till Dec Rs 14.97