GST assortment grows 7.3% Y-o-Y in December at Rs 1.77 Lakh crore, however slips sequentially, ETCFO

India’s Items and Companies Tax (GST) income assortment for the month of December stood at Rs 1,76,857 crore, marking a 7.3 per cent enhance from Rs 1,64,882 crore in December of 2023.

In November 2024, India recorded a month-to-month GST assortment of Rs 1,82,269 crore.

Home gross income in November grew by 8.4 per cent at Rs 1,32,589 crore.

The CGST collections rose to Rs 32,836 crore, whereas SGST collections elevated to Rs 40,499 crore. IGST, which incorporates revenues from imports, surged to Rs 91,221 crore, and cess collections amounted to Rs 12,301 crore.

Abhishek Jain, Oblique Tax Head & Companion, KPMG said, ”GST collections development of seven.3% is according to little bit of a decelerate in GDP development. As is predicted that the GDP development will inch north on this quarter, the GST collections ought to mirror the identical”

Income from Imports

The gross GST income from imports in December 2024 stood at Rs 44,268 crore, up by 3.9 per cent in comparison with Rs 42,612 crore in December 2023. The IGST collected on imports alone amounted to Rs 43,438 crore, indicating a rise in import actions.

The cess collected from imports decreased to Rs 830 crore from Rs 1,079 crore in December final yr.

Web Income Collections

After accounting for refunds, the online GST income stood at Rs 1,54,366 crore for December 2024, a 3.3 per cent enhance from Rs 1,49,409 crore in December 2023.

Regional Progress Variations

Among the many states, Maharashtra remained the biggest contributor, registering Rs 29,260 crore, a 9 per cent enhance in comparison with December 2023.

Karnataka and Tamil Nadu are subsequent within the row of highest GST collections at Rs 12,526 crore and Rs 10,956 crore, respectively.

When it comes to development share, Haryana and Punjab led the trajectory with will increase of 28 per cent and 22 per cent, respectively. Sikkim recorded the best development at 30 per cent.

Nevertheless, Lakshadweep and Mizoram recorded the bottom of GST Collections at Rs 2 crore and Rs 28 crore respectively.

GST Collections FY25

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