GST Collections Reach ₹1.77 Trillion in December 2024

India’s GST collections climbed to ₹1.77 trillion in December 2024, marking the 10th straight month of revenues exceeding ₹1.7 trillion, according to government data released on Wednesday. This represents a 7.3% increase compared to ₹1.65 trillion collected in December 2023 but remains lower than the peak of ₹2.1 trillion achieved in April 2024. December’s collection is also slightly below November 2024’s ₹1.82 trillion, which had shown an 8.5% year-on-year increase.

Breakdown of December Collections

• Central GST (CGST): ₹32,836 crore
• State GST (SGST): ₹40,499 crore
• Integrated GST (IGST): ₹47,783 crore
• Cess Collection: ₹11,471 crore

Domestic and Import Contributions

• Domestic Transactions: Domestic GST revenue reached ₹1.32 trillion, an 8.4% rise year-on-year.
• Imports: GST on imports grew by 4% compared to December 2023, contributing ₹44,268 crore.

Refunds and Net Collections

Refunds issued in December amounted to ₹22,490 crore, a significant 31% jump from December 2023. After accounting for refunds, net GST collections were ₹1.54 trillion, reflecting a modest 3.3% year-on-year growth.

November 2024 GST Performance

In November, GST collections stood at ₹1.82 trillion.

• Domestic GST Revenue: ₹1.40 trillion, up 9.4% year-on-year.
• Imports: ₹42,591 crore, a 6% year-on-year increase.
• Tax Components:
  • CGST: ₹34,141 crore
  • SGST: ₹43,047 crore
  • IGST: ₹91,828 crore
  • Cess: ₹13,253 crore
• Refunds Issued: ₹19,259 crore, an 8.9% decrease from the previous year.

Economic Context

India’s GST growth points to an improving economic outlook despite some challenges. The economy witnessed slower GDP growth in the July-September quarter, falling to 5.4%, compared to 6.7% in the April-June period. This steady rise in GST revenues reflects stronger domestic activity and improved compliance.

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