India’s goods and services tax (GST) revenue rose 7.3 percent year-on-year in December to Rs 1.77 lakh crore, up from last year, according to official data released on Wednesday. This is over Rs 1.65 lakh crore collected during the same period. .
Breaking down the figures, Central GST (CGST) Rs 32,836 crore, State GST (SGST) Rs 40,499 crore, Integrated GST (IGST) Rs 47 ,783 crore, and cess was Rs.11,471 crore.
Domestic GST revenue rose 8.4 percent to Rs 1.32 lakh crore, while GST from imports rose nearly 4 percent to Rs 44,268 crore during December.
However, GST collections in December were lower than November’s Rs 1.82 lakh crore, which saw a year-on-year growth of 8.5 percent. April 2024 recorded the highest ever GST collection, exceeding Rs 2.10 lakh crore.
Additionally, refunds of Rs 22,490 crore were issued in December, which is 31% higher than last year. After accounting for refunds, the net collection of GST stood at Rs 1.54 lakh crore, showing a year-on-year growth of 3.3 per cent.