New Delhi: The Goods and Services Tax (GST) saw a significant surge in December 2023, with collections jumping 10 per cent to reach approximately Rs 1.64 lakh crore compared to Rs 1.49 lakh crore in the same month the previous year. This marked a continuation of the positive trend, as gross GST collections for the April-December 2023 period witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore, compared to Rs 13.40 lakh crore in the corresponding period of 2022.
The finance ministry, in a statement, highlighted the sustained growth in GST revenue. The average monthly gross GST collection for the first nine months of this year stood at Rs 1.66 lakh crore, a 12 per cent increase from the Rs 1.49 lakh crore average recorded in the corresponding period of FY23.
“The gross GST revenue collected in December 2023 amounted to Rs 1,64,882 crore, with CGST contributing Rs 30,443 crore, SGST Rs 37,935 crore, IGST Rs 84,255 crore (including Rs 41,534 crore collected on import of goods), and cess Rs 12,249 crore (including Rs 1,079 crore collected on import of goods),” the statement detailed.
Significantly, this marks the seventh month in a row with collections exceeding Rs 1.60 lakh crore, reflecting the continued momentum in economic activity and the effectiveness of tax administration measures.
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.