GST Collection in December 2023 saw a 12% YoY increase in GST revenue

GST collection in december 2023

During the April-December 2023 period, gross GST collection witnessed a robust 12% y-o-y growth, reaching ₹14.97 lakh crore, as against ₹13.40 lakh crore collected in the same period of the previous year (April-December 2022).

The first nine months of this year saw an average monthly gross GST collection of ₹1.66 lakh crore, a 12% increase over the ₹1.49 lakh crore average during the same period in FY23.

The gross GST revenue collected in the month of December, 2023 is ₹1,64,882 crore out of which CGST is ₹30,443 crore, SGST is ₹37,935 crore, IGST is ₹84,255 crore (including ₹41,534 crore collected on import of goods) and cess is ₹12,249 crore (including ₹1,079 crore collected on import of goods). Notably, this marks the seventh month so far this year with collections exceeding ₹1.60 lakh crore.

Read also: India’s GST collection records 15% increase to ₹1.68 lakh crore in November

The government has settled ₹40,057 crore to CGST and ₹33,652 crore to SGST from IGST. The total revenue of Centre and the States in the month of December, 2023 after regular settlement is ₹70,501 crore for CGST and ₹71,587 crore for the SGST.

In comparison with the GST revenues from the same month the previous year, the December 2023 revenues are 10.3% higher. The month’s domestic transaction revenues, which include service imports, are 13% more than the same sources’ revenues from the same month the previous year.

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