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After adjusting refunds, net GST collection in December 2024 increases by 3.3 per cent to Rs 1.54 lakh crore.
GST collection in December 2024.
Gross GST collections in December 2024 stood at Rs 1,76,857 crore, which is 7.3 per cent higher as compared to last year, according to the latest official data released on January 1, 2025.
The Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore, according to government data released on Wednesday.
The total gross Goods and Services Tax (GST) revenue grew 7.3 per cent to Rs 1.77 lakh crore in December as compared to Rs 1.65 lakh crore in the same month a year ago, it said.
During the month under review, GST from domestic transactions grew 8.4 per cent to Rs 1.32 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 44,268 crore.
In November, GST mop-up was Rs 1.82 lakh crore with 8.5 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.
During the month, refunds worth Rs 22,490 crore were issued, registering 31 per cent increase over the year-ago period. After adjusting refunds, net GST collection increased by 3.3 per cent to Rs 1.54 lakh crore.
Abhishek Jain, indirect tax head & partner at KPMG, said, “GST collections growth of 7.3% is in line with bit of a slow down in GDP growth. As is expected that the GDP growth will inch north in this quarter, the GST collections should mirror the same.”
Vivek Jalan, partner at Tax Connect Advisory Services LLP, said, “GST embodies the spirit of federalism and now it is moving towards “competitive federalism” between the Centre and states. A picture of this is painted by the data that whereas the state GST (SGST) formations have jurisdiction over 40 per cent more GSTINs than Centre GST (CGST) formations, yet the GST collections by SGST formations over CGST formations is around 13 per cent.”
Further the YoY YTD growth by CGST formations in GST revenue is 10.8 per cent and SGST formations is 9.6 per cent, he added.
“This might reflect to the fact that possibly the division of taxpayers between the Centre and States may be scrutinized going forward by The GST Council,” Jalan said.
