GST collection jumps 7.3% YoY to Rs 1.77 lakh crore in December
In Short
- GST collection grew 7.3% YoY to Rs 1.77 lakh crore in December
- Domestic GST grew 8.4% YoY; imports rose 4% YoY
- Refunds surged 31% YoY to Rs 22,490 crore in December
India's Goods and Services Tax (GST) collection grew 7.3% year-on-year (YoY) to Rs 1.77 lakh crore in December 2024, according to data released by the government on 1 January 2025. However, the figure marked a 3% decline compared to the Rs 1.82 lakh crore collected in November.
The latest numbers indicate a steady growth in GST revenues but reflect a slowdown in consumption and a rise in refunds issued during the month. Experts suggest that the subdued growth could be due to a post-festive season slump, with expectations of a rebound in the March quarter.
GST COLLECTION
The total gross GST revenue for December was split across the following categories:
- Central GST (CGST): Rs 32,836 crore
- State GST (SGST): Rs 40,499 crore
- Integrated GST (IGST): Rs 47,783 crore (including Rs 18,310 crore collected on imports)
- Cess: Rs 11,471 crore (including Rs 1,258 crore collected on imports)
GST revenues from domestic transactions, including the collection from services and goods sold within the country, grew 8.4% YoY to Rs 1.32 lakh crore. Meanwhile, tax revenues from imports increased by 4% YoY to Rs 44,268 crore.
Refunds issued during December surged 31% compared to the same month last year, amounting to Rs 22,490 crore. After adjusting for these refunds, the net GST collection stood at Rs 1.54 lakh crore, up 3.3% YoY.
COMPARISON WITH PREVIOUS MONTHS
November 2024: GST collections stood at Rs 1.82 lakh crore, reflecting an 8.5% YoY growth.
