Government Collects 1.65 Lakh Crore GST in December

  • 03 Jan 2024

In December, the central and state governments jointly collected Rs 1,64,882 crore in Goods and Services Tax (GST) revenue, reflecting a 10.3% surge compared to the previous year.

Key Points

  • Yearly Comparison: The collection is a notable improvement from Rs 1.5 trillion in December 2022, showcasing steady growth.
  • Gross GST Collection Growth: From April to December of the fiscal year, gross GST collection has grown by 12%, totalling Rs 14.97 trillion compared to the same period in the previous year.
  • Outlook and Expert Insights: A 12% growth in GST revenue aligns closely with the nominal GDP growth rate for the fiscal year.
  • State-wise Revenue Growth in December: Large state economies, including Maharashtra, Uttar Pradesh, Karnataka, and Tamil Nadu, reported revenue growth ranging from 12-19% in December.
  • E-way Bill Generation and Consumption Trends: E-way bill generation, reflecting the movement of goods, moderated in November, impacting tax collection in December.
  • GST revenue is viewed as indicative of consumption trends, with consumer durables seeing modest growth, while capital goods and construction goods display robust double-digit growth in the fiscal's initial seven months.