India’s GST Collections Rise by 7.3% in December, Totaling ₹1.77 Lakh Crore
India’s Goods and Services Tax (GST) revenue for December 2024 has shown a significant increase, reaching ₹1.77 lakh crore. This marks a 7.3% rise compared to the same period last year, reflecting sustained economic activity and improved tax compliance.
Breakdown of GST Revenues
The December collections comprise:
Central GST (CGST): ₹32,836 crore
State GST (SGST): ₹40,499 crore
Integrated GST (IGST): ₹47,783 crore
Cess: ₹11,471 crore
This distribution indicates balanced contributions from various GST components, supporting both central and state financial structures.
Comparison with Previous Periods
While the December figures represent a year-on-year increase, they are slightly lower than the ₹1.82 lakh crore collected in November 2024. Notably, the highest-ever monthly GST collection was recorded in April 2024, amounting to ₹2.10 lakh crore.
Cumulative Collections for FY 2024-25
In the current fiscal year up to December, total GST collections have reached ₹16.33 lakh crore, marking a 9.1% increase from ₹14.97 lakh crore during the same period in the previous fiscal year. This consistent growth underscores the resilience of India’s economy amid global uncertainties.
Implications for the Economy
The steady rise in GST revenues reflects robust domestic consumption and effective tax administration. It also suggests that economic recovery efforts are yielding positive results, contributing to fiscal stability.
GST Overview
Introduced on July 1, 2017, GST has streamlined India’s indirect tax system. The GST Council, chaired by the Union Finance Minister and comprising state finance ministers, continues to oversee and guide the tax framework to ensure its effectiveness and adaptability to the evolving economic landscape.
