GST Collections Hit Rs 1.77 Lakh Crore In December 2024, Marking 7.3 Per Cent Year-On-Year Growth But Drop From Festive Season High

India’s Goods and Services Tax (GST) collections saw a year-on-year increase of 7.3 per cent in December, with gross revenue reaching Rs 1.77 lakh crore, up from Rs 1.65 lakh crore in the same month last year, as per government data released on Wednesday (1 January). 

Breakdown of GST Revenue

The December GST mop-up includes Rs 32,836 crore from Central GST (CGST), Rs 40,499 crore from State GST (SGST), Rs 47,783 crore from Integrated GST (IGST), and Rs 11,471 crore from cess.

Domestic transactions contributed Rs 1.32 lakh crore, reflecting an 8.4 per cent growth over the previous year, while GST revenues from imports stood at Rs 44,268 crore, showing a 4 per cent rise.

While the December collection was slightly lower than November’s Rs 1.82 lakh crore, which recorded an 8.5 per cent annual growth, it remains a robust indicator of economic activity. The highest-ever monthly GST collection was achieved in April 2024, crossing Rs 2.10 lakh crore.

Refunds and Net GST Collection

Refunds issued in December totalled Rs 22,490 crore, marking a 31 per cent increase compared to the same period last year. After adjusting for refunds, the net GST collection stood at Rs 1.54 lakh crore, up 3.3 per cent year-on-year.