Strong Growth in GST Collections: December 2023 Records ₹1.65-lakh crore
In a significant economic development, Goods and Services Tax (GST) collections for December 2023 reached ₹1,64,882 crore, marking a notable 10.28% surge compared to the ₹1,49,507 crore collected in the same month the previous year. This accomplishment underscores the seventh consecutive month in the fiscal year where average GST collections have exceeded ₹1.6-lakh crore. Notably, November 2023 witnessed GST collections at ₹1,67,929 crore, contributing to the overall positive trend.
During the period of April-December 2023, Gross GST collections reached ₹14.97-lakh crore, exhibiting a commendable 12% increase from the ₹13.40-lakh crore recorded in the corresponding period of the previous fiscal year (April-December 2022). The first nine months of the current fiscal year demonstrated an average Gross GST collection of ₹1.66-lakh crore, reflecting a substantial 12% growth from the ₹1.49-lakh crore average reported in the same period of FY23.
Breaking down the December 2023 GST collections of ₹1,64,882 crore, the components include CGST at ₹30,443 crore, SGST at ₹37,935 crore, IGST at ₹84,255 crore (with ₹41,534 crore from goods import), and cess at ₹12,249 crore (including ₹1,079 crore from goods import).
Government settlements in December 2023 amounted to ₹40,057 crore for CGST and ₹33,652 crore for SGST from IGST. Post settlements, the total revenue for the Centre and the States in December reached ₹70,501 crore for CGST and ₹71,587 crore for SGST, showcasing a robust fiscal scenario.
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