GST collections jump 10% to Rs 1.65 lakh crore in December

GST collections jump 10% to Rs 1.65 lakh crore in December

The central government collected Rs 1.65 lakh crore in goods and services tax (GST) last month, a seventh back-to-back month of the monthly tally exceeding the Rs 1.60 lakh crore mark, official data released on Monday showed.

The GST figure marked an increase of 10.3 per cent compared with the corresponding period a year ago, according to a statement by the Ministry of Finance.

Revenues from domestic transactions, including the import of services, were 13 per cent on a year-on-year basis, the ministry said. 

The monthly tally included central GST (CGST) of Rs 30,443 crore, state GST (SGST) of Rs 37,935 crore, and integrated GST (IGST) of Rs 84,255 crore, and cess of Rs 12,249 crore.

The Centre settled Rs 40,057 crore to central GST and Rs 33,652 crore to state GST from integrated GST.

The total revenue of Centre and the States in December, 2023, after regular settlement, came in at Rs 70,501 crore and Rs 71,587 crore for CGST and SGST, respectively.

The average monthly gross GST collections for the current financial year stood at Rs 1.66 lakh crore, marking 12 per cent growth on a year-on-year basis.

For the first nine months of the financial year, the gross collections amounted to Rs 14.97 lakh crore, as against Rs 13.40 lakh crore for the year-ago period.

(This story will be updated shortly)