Posting a growth rate of 12% Y-o-Y, US$ 1.8 million (Rs. 14.97 lakh crore) gross GST collection during April-December 2023 period

During the April-December 2023 period, gross GST collection exhibited robust growth, recording a substantial 12% year-on-year increase and amounting to US$ 1.8 million (Rs.14.97 lakh crore). This performance contrasts with the US$ 1.61 million (Rs. 13.40 lakh crore) collected in the preceding fiscal year (April-December 2022). The average monthly gross GST collection for the initial nine months of the current fiscal year stands at US$ 0.20 million (Rs. 1.66 lakh crore), indicating a 12% uptick compared to the US$ 0.20 million (Rs. 1.49 lakh crore) monthly average reported in the corresponding period of FY23.

In December 2023, the gross GST revenue reached US$ 19.81 billion (RS. 1,64,882 crore), comprising CGST at US$ 3.66 billion (Rs. 30,443 crores), SGST at US$ 4.56 billion (Rs. 37,935 crores), IGST at US$ 10.12 billion (Rs. 84,255 crores) Following the regular settlement, the total revenue for the Centre and the States in December 2023 stands at US$ 8.47 billion (Rs. 70,501 crores) for CGST and US$ 8.60 billion (Rs. 71,587 crores) for SGST. The revenues for December 2023 are 10.3% higher than the GST revenues in the same month the previous year. Notably, revenues from domestic transactions (including the import of services) during the month are 13% higher than in the preceding fiscal year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.