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.

Robust Fiscal Performance: April-December 2023

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.

Detailed Breakdown of December 2023 GST Collections

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 and Total Revenue: December Highlights

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.

Important Questions Related to Exams

1. What was the total amount of Goods and Services Tax (GST) collections in December 2023?
2. How does the December 2023 GST collections compare to the same month in the previous year?
3. Provide a detailed breakdown of the GST collections in December 2023, including CGST, SGST, IGST, and cess components.

Please provide your answers in the comment section!!