India has witnessed a substantial uptick in Goods and Services Tax (GST) collections, recording a robust year-on-year (YoY) growth rate of 12 percent during the April-December 2023 period, signaling a resilient economic rebound.
The gross GST collection for this period reached an impressive Rs 14.97 lakh crore, marking a substantial increase from the Rs 13.40 lakh crore collected in the corresponding period of the previous year (April-December 2022).
The monthly average gross GST collection for the first nine months of the current fiscal year stands at Rs 1.66 lakh crore, showcasing a 12 percent rise compared to the Rs 1.49 lakh crore average recorded in the same period of the previous fiscal year (FY23).
In December 2023, the gross GST revenue collection amounted to Rs 1,64,882 crore, comprising Rs 30,443 crore for CGST, Rs 37,935 crore for SGST, Rs 84,255 crore for IGST (including Rs 41,534 crore from the import of goods), and Rs 12,249 crore as cess (including Rs 1,079 crore from the import of goods). This marks the seventh month in the current fiscal year with collections exceeding Rs 1.60 lakh crore.
The government has settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST. The total revenue for the Centre and the States in December 2023, after regular settlement, is Rs 70,501 crore for CGST and Rs 71,587 crore for SGST.
Compared to the same month last year, the revenues for December 2023 witnessed a 10.3 percent increase. Revenues from domestic transactions, including the import of services, are 13 percent higher than the revenues from these sources during the same month last year.
The positive trajectory in monthly gross GST revenues during the current fiscal year is illustrated in the accompanying chart. Furthermore, Table-1 provides state-wise figures of GST collected in each state during December 2023, compared to December 2022. Table-2 details the state-wise figures of post-settlement GST revenue for each state until December 2023.
