GST collections hit Rs 1.77 trillion (US$ 20.70 billion) in December 2024, up 7.3%: Government
- IBEF
- January 2, 2025
India's goods and services tax (GST) collections for December 2024 reached Rs. 1.77 trillion (US$ 20.70 billion), marking a 7.3% increase from December 2023 and the tenth consecutive month of collections exceeding Rs. 1.7 trillion (US$ 19.89 billion). Central GST contributed Rs. 32,836 crore (US$ 3.84 billion), State GST Rs. 40,499 crore (US$ 4.74 billion), and Integrated GST Rs. 47,783 crore (US$ 5.59 billion), while cess collections stood at Rs. 11,471 crore (US$ 1.34 billion). Domestic transactions contributed Rs. 1.32 trillion (US$ 15.44 billion), an 8.4% YoY growth, while GST from imports rose by 4% to Rs. 44,268 crore (US$ 5.18 billion). However, the December figure fell short of the Rs. 2.1 trillion (US$ 24.56 billion) peak in April 2024, and the Rs. 1.82 trillion (US$ 21.29 billion) collected in November 2024. Refunds issued in December totaled Rs. 22,490 crore (US$ 2.63 billion), a 31% YoY rise, with net GST collections increasing by 3.3% to Rs. 1.54 trillion (US$ 18.01 billion).
November 2024 GST collections were Rs. 1.82 trillion (US$ 21.29 billion), driven by 9.4% growth in domestic transactions, amounting to Rs. 1.40 trillion (US$ 16.38 billion), and a 6% rise in import-related GST at Rs. 42,591 crore (US$ 4.98 billion). Central GST was Rs. 34,141 crore (US$ 3.99 billion), State GST Rs. 43,047 crore (US$ 5.04 billion), and Integrated GST Rs. 91,828 crore (US$ 10.74 billion), with cess collections of Rs. 13,253 crore (US$ 1.55 billion). Refunds for November declined by 8.9% YoY to Rs. 19,259 crore (US$ 2.25 billion). The steady rise in GST revenues indicates improved economic performance despite broader challenges, as India’s GDP growth slowed to 5.4% in the second quarter of the financial year, the lowest in seven quarters.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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