GST collections surge 10 per cent to Rs 1.64 lakh crore in December, 2023

The Gross Goods and Services Tax (GST) revenue collection for the month of December 2023 reached an impressive one lakh 64 thousand and 882 crore rupees. This figure marks a remarkable 10.3 percent surge compared to the GST revenues recorded in the same month the previous year.

The Finance Ministry, in an official statement, provided a breakdown of the collection, revealing that the Central Goods and Services Tax (CGST) contributed 30 thousand 443 crore rupees, State Goods and Services Tax (SGST) stood at 37 thousand 935 crore rupees, Integrated Goods and Services Tax (IGST) amounted to approximately 84 thousand 255 crore rupees, and cess accounted for 12 thousand 249 crore rupees.

The Ministry underlined the resilience of GST collections, emphasizing a robust growth of 12 percent over the last nine months. During this period, a staggering 14.97 lakh crore rupees were collected, indicating a significant increase compared to the 13.40 lakh crore rupees recorded in the same timeframe in 2022.

Highlighting the consistency in monthly collections, the Finance Ministry reported an average monthly gross GST collection of 1.66 lakh crore rupees in the first nine months of the fiscal year.

Moreover, the government's commitment to settling dues was evident as over 40 thousand crore rupees were disbursed to Central Goods and Services Tax, while over 33 thousand crore rupees were allocated to State Goods and Service Tax from the Integrated Goods and Services Tax.