GST collections rise 7.1% to Rs 1.76 lakh crore in December

According to Finance Ministry data released on Wednesday, Goods and Services Tax (GST) collection in December stood at Rs 1.76 lakh crore, an annual increase of 7.3 per cent on gross basis.

The total collection in December 2023 was Rs 1.64 lakh crore.

Official data available today shows that CGST, SGST, IGST and cess all increased year-on-year in December 2024.

Total GST collections so far in 2024-25 have been Rs 16.33 lakh crore, up 9.1 per cent, compared to Rs 14.97 lakh crore collected in the same period in 2023.

In April 2024, total GST collections increased to a record high of Rs 2.10 lakh crore.

The total gross GST collection during the financial year 2023-24 was recorded at Rs 20.18 lakh crore, an increase of 11.7 per cent over the previous financial year.

Recent GST collections reflect a positive trajectory for India’s economy, underpinned by strong domestic consumption and brisk import activity. These figures bode well for the country’s financial health and economic recovery efforts, indicating resilience amid global uncertainties.

The Goods and Services Tax was implemented in the country from July 1, 2017, and states are assured compensation for any loss of revenue arising due to the implementation of GST as per the provisions of the GST (Compensation to States) Act. Was. 2017 for five years.

Hair oil, toothpaste, soap; Detergent and washing powder; wheat; Rice; Curd, lassi, buttermilk; wrist watches; TV up to 32 inches; refrigerator; Washing machines, mobile phones, are among the major items on which GST rates have been significantly reduced, or kept at zero for some, which has benefited the people of this country.

The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all states as members, has played its role in the platform.

The latest meeting of the GST Council was held on 21 December in Jaisalmer, Rajasthan.