Monthly GST collection in April-December averages Rs1.66 lakh crore

Revenue collection by way of Goods and Services Tax (GST) for December 2023 stood at Rs,164,882 crore, while gross GST collection for the first nine months of the current financial year (April-December 2023-24) stood at Rs14.97 lakh crore - a 12 per cent year-on-year growth from the Rs13.40 lakh crore collected in the same period of the previous fiscal.

The average monthly gross GST collection fort the first 9 months of the financial year rose to Rs1.66 lakh crore from Rs1.49 lakh crore in the corresponding period of FY23.

The gross GST revenue of Rs164,882 crore collected in December 2023 includes CGST of Rs30,443 crore, SGST of Rs37,935 crore, IGST of Rs84,255 crore (including Rs41,534 crore collected on import of goods) and cess amounting to Rs12,249 crore (including Rs1,079 crore collected on import of goods). December also marks the seventh consecutive month with GST collections exceeding Rs1.60 lakh crore.

Of the total IGST of Rs84,225 collected in December, Rs40,057 crore goes to CGST and Rs33,652 crore to SGST. The total revenue of centre and the states in December 2023 after regular settlement stood at Rs70,501 crore of CGST and Rs71,587 crore by way of SGST.

GST revenue collection for December 2023 is 10.3 per cent higher compared to GST revenue in the same month last year, but lower than the Rs1.66 lakh crore collection in the previous month.

During December 2023, revenues from domestic transactions (including import of services) were also 13 per cent higher than the revenues from these sources during the same month last year.