December GST collections climb 10% YoY to Rs. 1.65L crore
The Union Ministry of Finance has revealed that the Centre's Goods and Services Tax (GST) collections for December 2023, reached Rs. 1.65 lakh crore. It is a 10% increase from the previous year. This marks the tenth consecutive month that monthly GST collections have exceeded Rs. 1.5 lakh crore. However, this figure is 2% lower than the Rs. 1.68 lakh crore collected in November.
Average monthly GST collection was Rs. 1.66 lakh crore
The finance ministry shared that the average monthly GST collection for 2023-24 is now Rs. 1.66 lakh crore. This is a significant jump from the average of under Rs. 1 lakh crore per month in 2017-18. "During the April-December 2023 period, gross GST collection witnessed a robust 12% year-on-year growth, reaching Rs. 14.97 lakh crore, as against Rs. 13.40 lakh crore collected in the same period of the previous year," the ministry stated.
Breakdown of December GST collections
In December, Central GST amounted to Rs. 30,443 crore, State GST was Rs. 37,935 crore, Integrated GST totaled Rs. 84,255 crore, and cess was Rs. 12,249 crore. The government settled Rs. 40,057 crore to Central GST and Rs. 33,652 crore to State GST from Integrated GST. Hence, total revenue for the month after settlement was Rs. 70,501 crore for Centre and Rs. 71,587 crore for State GST. The Centre's GST collections should rise by 12% in the present financial year.
