GST collection:Gross GST collection in the country has once again increased. According to Finance Ministry data, GST collection has increased by 12 percent to Rs 14.97 lakh crore between April and December, 2023. According to the data, in December 2023, GST collection had increased by 10 percent on annual basis to Rs 1.65 lakh crore. GST collection had increased for the 10th consecutive month in December. In the year 2023, the GST collection figure will cross the figure of Rs 1.5 lakh crore for 10 months.
👉 Posting a growth rate of 12% YoY, ₹14.97 lakh crore gross #GST collection during April-December 2023 period⁰⁰👉 Gross #GST collection averages ₹1.66 lakh crore in first 9 months of FY24⁰⁰👉 ₹1,64,882 crore gross #GST revenue collection for December, 2023
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— Ministry of Finance (@FinMinIndia) January 1, 2024
Finance Ministry released figures on New Year
Finance Ministry has released GST (Goods and Services Tax) figures in the new year. According to the ministry report, GST collection in November 2023 was Rs 1.68 lakh crore. In December, this figure was Rs 1.65 lakh crore, which is about two percent less on a monthly basis. The GST collection figures have been continuously increasing in the first 9 months of the last financial year. According to the recent data of the Finance Ministry, the monthly average of GST collection has been Rs 1.66 lakh crore.
GST collection had started increasing in the financial year 2020-21
According to the Finance Ministry, the monthly average of GST collection in the financial year 2017-18 was Rs 1 lakh crore. After the Covid-19 pandemic, it started increasing in the financial year 2020-21. After this, the monthly average in the financial year 2022-23 was Rs 1.51 lakh crore.
12 percent jump in total GST collection
The Finance Ministry issued a statement saying that between April and December, there was a 12 percent jump in the total GST collection on annual basis and it has reached Rs 14.97 lakh crore. The total GST collection figure in the same period a year ago was Rs 13.40 lakh crore. The total GST collection in the first 9 months of the current financial year was Rs 1.66 lakh lakh crore. In the same period of the last financial year, the same figure was Rs 1.49 lakh crore.
Integrated GST stood at Rs 84,255 crore
In December, Central GST was Rs 30,443 crore, State GST was Rs 37,935 crore, Integrated GST was Rs 84,255 crore and Cess was Rs 12,249 crore. Out of the integrated GST, the government gave Rs 40,057 crore to Central GST and Rs 33,652 crore to State GST. Due to this, the total revenue of Central GST in December was Rs 70,501 crore and State GST was Rs 71,587 crore.
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