Author: Janani Janarthanan
Publication: NDTV News
Date: January 1, 2024
URL:   https://www.ndtvprofit.com/gst/gst-collections-at-rs-165-lakh-crore-in-december

The average monthly gross GST collection so far in FY24 was Rs 1.66 lakh crore, totaling Rs 14.97 lakh crore in the first nine months of the year.

The Goods and Services Tax collections for December rose 10.3% to Rs 1.65 lakh crore, as compared with the year-ago period, on the back of festive season consumption.

The average monthly gross GST collection so far in FY24 was Rs 1.66 lakh crore, totalling Rs 14.97 lakh crore in the first nine months of the year against Rs 13.4 lakh crore during the same period last year, evidencing a 12% growth, data released by the Ministry of Finance on Monday showed.

In November, revenue from domestic transactions (including imports of services) rose 13% from a year earlier.

The highest ever collection was recorded in April at Rs 1.87 lakh crore. Meanwhile, monthly collections in November for October transactions came in at Rs 1.67 crore.

The collection is slightly lower than those seen last month, but the consistent mark of above Rs 1.6 lakh crore provides large fiscal confidence despite the various global headwinds, according to Abhishek Jain, partner and national head for indirect tax at KPMG. “Festive cheer and continued settlement of FY 17-18 and 18-19 dues would have contributed well to this continued growth,” he said

The fineprint

• Gross GST revenue: Rs 1,64,882 crore.

• Central GST: Rs 30,443 crore.

• State GST: Rs 37,935 crore.

• Integrated GST: Rs 84,255 crore, including Rs 41,534 crore collected on imports of goods.

• Cess: Rs 12,249 crore, including Rs 1,079 crore collected on the import of goods.

State-wise trends indicate that post-SGST settlement, Odisha recorded the highest percentage increase in growth at 29%, at Rs 18,093 crore against Rs 14,046 crore for the same period last year.

Maharashtra continued to dominate state-wise collections in terms of absolute volume at Rs 1.09 lakh crore, growing 13% from Rs 95,981 crore.

Uttar Pradesh and Karnataka followed Maharashtra, although they lagging behind at Rs 55,656 crore and Rs 54,881, respectively, post-settlement.