GST Collections Reach Rs 1.77 Trillion In December, Marking 7.3% Growth: Govt Data

In November, GST collections were bolstered by robust revenues from domestic transactions, which saw a 9.4 per cent year-on-year growth, totalling Rs 1.40 trillion

The December figure is also lower than the Rs 1.82 trillion reported in November 2024, which saw an 8.5 per cent year-on-year growth

Source : Okcredit

India's Goods and Services Tax (GST) collections reached Rs 1.77 trillion in December, marking the tenth consecutive month of collections surpassing Rs 1.7 trillion, according to government data released on Wednesday. This represents a 7.3  increase from the Rs 1.65 trillion collected in December 2023. However, it remains below the peak of Rs 2.1 trillion recorded in April 2024. The December figure is also lower than the Rs 1.82 trillion reported in November 2024, which saw an 8.5 per cent year-on-year (YoY) growth.

The data also revealed a rise in refunds issued, which amounted to Rs 22,490 crore in December, marking a 31 per cent increase compared to the same period last year. After accounting for the refunds, the net GST collection reached Rs 1.54 lakh crore, reflecting a growth of 3.3 per cent.

November GST Numbers Highlights

In November, GST collections were supported by robust revenues from domestic transactions, which saw a 9.4 per cent year-on-year growth, totalling Rs 1.40 trillion. Additionally, import-related GST revenues rose by 6 per cent, reaching Rs 42,591 crore in the month.

In November, Central GST amounted to Rs 34,141 crore, while State GST and Integrated GST were reported at Rs 43,047 crore and Rs 91,828 crore, respectively. Cess collections for the month totalled Rs 13,253 crore. Refunds issued in November reached Rs 19,259 crore, marking an 8.9 per cent decline compared to the same period last year.

The consistent growth in GST revenues indicates an improvement in economic performance compared to the previous quarter, despite challenges in the broader economic environment.

India’s economy experienced a slowdown in the second quarter of the financial year, with GDP growth falling to a seven-quarter low of 5.4 per cent, down from 6.7 per cent in the April-June period.