The government, on Monday, reported a 10 percent year-on-year increase in Goods and Services Tax (GST) collections, totaling ₹1.65 lakh crore, as announced by the Ministry of Finance on January 1.
Although the December GST collections of ₹1.65 lakh crore are 2 percent lower than the ₹1.68 lakh crore recorded in November, it marks the tenth consecutive month where the monthly GST collection has surpassed the ₹1.5-lakh-crore threshold.
The most recent GST data brings the average monthly collection for the fiscal year 2023-24 to ₹1.66 lakh crore.
The monthly GST collections have exhibited a consistent upward trend over the years. In its inaugural year in 2017-18, the collections were averaging under ₹1 lakh crore per month. However, following the challenges posed by the pandemic in 2020-21, there was a swift ascent, and by the fiscal year 2022-23, the collections had reached an average of ₹1.51 lakh crore per month.
"During the April-December 2023 period, gross GST collection witnessed a robust 12 percent year-on-year growth, reaching ₹14.97 lakh crore, as against ₹13.40 lakh crore collected in the same period of the previous year," the finance ministry said in a statement.
Also read: FPI flows into India may remain supportive for markets during 2024 feel expert
The ministry further added, “The average monthly gross GST collection of ₹1.66 lakh crore in the first 9-month period this year represents a 12 percent increase compared to the ₹1.49 lakh crore average recorded in the corresponding period of FY23."
In December, Central GST recorded a figure of ₹30,443 crore, State GST amounted to ₹37,935 crore, Integrated GST stood at ₹84,255 crore, and cess accounted for ₹12,249 crore.
Moreover, the government allocated ₹40,057 crore to Central GST and ₹33,652 crore to State GST from the Integrated GST pool. Consequently, after the settlements, the total revenue for the month reached ₹70,501 crore for the Centre and ₹71,587 crore for State GST.
While the total GST collection in December shows a slight decrease compared to November, it marks another month of double-digit year-on-year growth, albeit lower than the 15 percent observed in November. In fact, the year-on-year increase in GST collections for November was the highest in 11 months.
According to the fiscal year 2023-24 Budget, the central government anticipates a 12 percent increase in its GST collections for the ongoing financial year.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
Related Premium Stories
Published: 01 Jan 2024, 04:36 PM IST
GST collection in December rises 10% YoY to ₹1.65 lakh crore - Mint
Read More
No comments:
Post a Comment