India’s Goods and Services Tax (GST) collections rose to ₹1.77 lakh crore in December 2024, a 7.3% increase compared to ₹1.65 lakh crore in December 2023, as per data released by the government.
The breakdown of December’s GST collections includes ₹32,836 crore from the Central GST, ₹40,499 crore from the State GST, ₹47,783 crore from the Integrated GST, and ₹11,471 crore from cess.
Revenue from domestic transactions grew by 8.4% to ₹1.32 lakh crore, while tax collections from imports increased by 4% to ₹44,268 crore during the month.
In November, the GST revenue stood at ₹1.82 lakh crore, marking an 8.5% year-on-year growth. The highest-ever GST collection was recorded in April 2024, exceeding ₹2.10 lakh crore.
Refunds issued during December totaled ₹22,490 crore, reflecting a 31% increase compared to the same month last year. After accounting for refunds, the net GST collection grew by 3.3% to ₹1.54 lakh crore.
The consistent GST collection growth has contributed to steady revenue generation for the government, supporting fiscal management and resource allocation.
The fiscal deficit for the first eight months of the financial year, from April to November, stood at ₹8.47 lakh crore, which is 52.5% of the annual target. The government plans to reduce the fiscal deficit to 4.9% of the gross domestic product (GDP) in the current financial year, compared to 5.6% in 2023-24.
-IANS
