Posting a growth rate of 12% Y-o-Y, Rs14.97 lakh crore gross GST collection during April-December 2023 period
FinTech BizNews Service
Mumbai, January 1, 2024: During the April-December 2023 period, gross GST collection witnessed a robust 12% y-o-y growth, reaching Rs14.97 lakh crore, as against Rs13.40 lakh crore collected in the same period of the previous year (April-December 2022).
The average monthly gross GST collection of Rs1.66 lakh crore in the first 9-month period this year represents a 12% increase compared to the Rs1.49 lakh crore average recorded in the corresponding period of FY23.
The gross GST revenue collected in the month of December, 2023 is Rs1,64,882 crore out of which CGST is Rs30,443 crore, SGST is Rs37,935 crore, IGST is Rs84,255 crore (including Rs41,534 crore collected on import of goods) and cess is Rs12,249 crore (including Rs1,079 crore collected on import of goods). Notably, this marks the seventh month so far this year with collections exceeding Rs1.60 lakh crore.
The government has settled Rs40,057 crore to CGST and Rs33,652 crore to SGST from IGST. The total revenue of Centre and the States in the month of December, 2023 after regular settlement is Rs70,501 crore for CGST and Rs71,587 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.
