India collects $20.66 bln in goods and services tax in December

India’s GST revenue for December 2024 rose by 7.3% year-on-year, totaling ₹1.77 lakh crore.

The breakdown is as follows:

1. Central GST (CGST): ₹32,836 crore
2. State GST (SGST): ₹40,499 crore
3. Integrated GST (IGST): ₹47,783 crore
4. Cess: ₹11,471 crore

Domestic transactions contributed ₹1.32 lakh crore, an 8.4% increase.

Imports accounted for ₹44,268 crore, up by 4%.

In November 2024, GST revenues were higher at ₹1.82 lakh crore, showing an 8.5% annual growth.

The peak monthly collection was in April 2024, reaching ₹2.10 lakh crore.

For the fiscal year 2024-25, total GST collections have grown by 9.1%, amounting to ₹16.33 lakh crore.

1. This is an increase from ₹14.97 lakh crore in the same period the previous year.
2. In the entire fiscal year 2023-24, gross GST revenues were ₹20.18 lakh crore, marking an 11.7% growth.
3. Refunds issued in December 2024 totaled ₹22,490 crore, a 31% rise from the same period last year.
4. After refunds, the net GST collection increased by 3.3% to ₹1.54 lakh crore.
5. This consistent growth in GST revenues indicates a positive trend for India’s economy.
6. It reflects strong domestic consumption and active trade.