New Delhi: Goods and services tax or GST collections rose 7.3 percent to Rs 1.77 lakh crore in December, staying above the Rs 1.7 lakh crore mark for a tenth consecutive month. However, the tax mop-up stood higher than in December 2023, when it was at Rs 1.65 lakh crore, but was lower than the Rs 2.1 lakh crore mark that hit in April, the government data showed on Wednesday.
As per the data, total GST collections have surged by 9.1 per cent in the financial year 2024-25 so far, amounting to Rs 16.33 lakh crore, compared to Rs 14.97 lakh crore during the same period last year. “For the entire financial year 2023-24, gross GST revenues reached Rs 20.18 lakh crore, registering an 11.7 per cent growth from the previous fiscal year,” it showed.
The data further showed that the central GST collection stood at Rs 32,836 crore, state GST at Rs 40,499 crore, integrated IGST at Rs 47,783 crore and cess at Rs 11,471 crore. “The total gross GST revenue grew 7.3 per cent to Rs 1.77 lakh crore in December as compared to Rs 1.65 lakh crore in the same month a year ago,” the data showed.
During the month under review, the data also showed that the GST from domestic transactions grew 8.4 per cent to Rs 1.32 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 44,268 crore. In November, the GST mop-up was Rs 1.82 lakh crore with 8.5 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.
During the same month, the data also showed that the total refunds worth Rs 22,490 crore were issued, registering 31 per cent increase over the year-ago period. “After adjusting refunds, net GST collection increased by 3.3 per cent to Rs 1.54 lakh crore,” it showed.