GST COLLECTION
The value-added tax known as the Goods and Services Tax (GST) is applied to the delivery of goods and services in India. It is a comprehensive indirect tax that, in an effort to streamline the tax system and encourage ease of doing business, has superseded a number of state and federal indirect taxes, including value-added tax (VAT), excise duty, and service tax.
The total amount of money the government has received since the GST system was put in place is referred to as GST collection. The central and state governments rely heavily on GST collection as a source of income, and it is essential for financing a number of social and development initiatives.
Posting a growth rate of 12% year-over-year, ₹14.97 lakh crore gross GST collection during April December 2023 period Gross GST collection averages ₹1.66 lakh crore in first 9 months of FY24 ₹1,64,882 crore gross GST revenue collection for December, 2023 Posted On: 01 JAN 2024 4:17PM by PIB Delhi During the April-December 2023 period, gross GST collection witnessed a robust 12% y-o-y growth, reaching ₹14.97 lakh crore, as against ₹13.40 lakh crore collected in the same period of the previous year (April-December 2022).
The average monthly gross GST collection of ₹1.66 lakh crore in the first 9-month period this year represents a 12% increase compared to the ₹1.49 lakh crore average recorded in the corresponding period of FY23. The gross GST revenue collected in the month of December, 2023 is ₹ 1,64,882 crore, out of which CGST is ₹30,443crore, SGST is ₹37,935crore, IGST is ₹84,255crore (including ₹41,534 crore collected on import of goods) and chess is ₹12,249crore (including ₹1,079 crore collected on import of goods).
Notably, this marks the seventh month so far this year with collections exceeding ₹1.60 lakh crore. The government has settled ₹40,057 crore to CGST and ₹33,652 crore to SGST from IGST. The total revenue of Centre and the States in the month of December, 2023 after regular settlement is ₹70,501 crore for CGST and ₹71,587 crore for the SGST. The revenues for the month of December, 2023 are 10.3% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 13% higher than the revenues from these sources during the same month last year.