The Goods and Services Tax (GST) collections in December 2023 have exhibited a remarkable growth, underscoring the robust health of India’s economy. The gross GST revenue collected for the month stood at an impressive ₹1.64,882 crore, marking a significant 10% increase compared to the same month in the previous year.
This growth in GST collections is part of a larger trend observed in the fiscal year 2023-24. The period from April to December 2023 showcased a year-on-year growth of 12% in gross GST collections, surging to ₹14.97 lakh crore. This figure not only represents a substantial increase from the ₹13.40 lakh crore collected in the corresponding period of the previous fiscal year but also highlights the increasing efficiency and compliance in the tax system.
A breakdown of the December 2023 collections reveals that Central GST (CGST) accounted for ₹30,443 crore, State GST (SGST) for ₹37,935 crore, and Integrated GST (IGST), which includes ₹41,534 crore collected on the import of goods, contributed a whopping ₹84,255 crore. Additionally, the cess collected amounted to ₹12,249 crore, which included ₹1,079 crore collected on the import of goods.
The consistent performance of the GST collections, particularly with December 2023 marking the seventh month where collections surpassed ₹1.60 lakh crore, reflects the underlying strength of the Indian economy. This is further evidenced by the revenue from domestic transactions, including the import of services, which showed a 13% growth compared to the same period in the previous year.
In terms of distribution, the government settled ₹40,057 crore to CGST and ₹33,652 crore to SGST from IGST. After regular settlements, the total revenue for the Centre and the States in December 2023 was ₹70,501 crore for CGST and ₹71,587 crore for SGST.
State-wise data for December 2023, compared to December 2022, shows significant growth in states like Maharashtra, Gujarat, Uttar Pradesh, Tamil Nadu, and West Bengal, indicating broad-based economic recovery and growth across regions.
In conclusion, the robust growth in GST collections for December 2023 is a positive indicator of India’s economic resilience and a testament to the effectiveness of the GST regime in enhancing revenue generation and compliance. This fiscal buoyancy is expected to contribute significantly to the country’s overall economic stability and growth.