GST collections rises 10% to ₹1.64 lakh cr in December

Goods and Services Tax (GST) collections jumped 10% to about ₹1.64 lakh crore in December compared to ₹1.49 lakh crore in the same month a year ago, the Finance Ministry said on January 1.

Goods and Services Tax (GST) collections jumped 10% to about ₹1.64 lakh crore in December compared to ₹1.49 lakh crore in the same month a year ago, the Finance Ministry said on January 1.

During the April-December 2023 period, gross GST collection witnessed a robust 12% growth, reaching ₹14.97 lakh crore, as against ₹13.40 lakh crore collected in the same period of the previous year, the ministry said in a statement.

The average monthly gross GST collection of ₹1.66 lakh crore in the first nine-month period this year represents a 12% increase compared to the ₹1.49 lakh crore average recorded in the corresponding period of FY23, it said.

"The gross GST revenue collected in the month of December, 2023 is ₹1,64,882 crore out of which CGST is ₹30,443 crore, SGST is ₹37,935 crore, IGST is ₹84,255 crore (including ₹41,534 crore collected on import of goods) and cess is ₹12,249 crore (including ₹1,079 crore collected on import of goods)," it said.

Notably, this marks the seventh month so far this year with collections exceeding ₹1.60 lakh crore, it said.