NEW DELHI: Continuing the upward development, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December in contrast to Rs 1.49 lakh crore in the identical month a yr in the past.
During the April-December 2023 interval, gross Goods and Services Tax (GST) assortment witnessed a strong 12 per cent development, reaching Rs 14.97 lakh crore towards Rs 13.40 lakh crore mopped up in the identical interval of the earlier yr, the finance ministry mentioned in a press release on Monday.
The common month-to-month gross GST assortment of Rs 1.66 lakh crore in the primary nine-month interval this yr represents a 12 per cent enhance in contrast to the Rs 1.49 lakh crore common recorded in the corresponding interval of FY23, it added.
“The gross GST revenue collected in the month of December, 2023 is Rs 1,64,882 crore out of which CGST is Rs 30,443 crore, SGST is Rs 37,935 crore, IGST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods) and cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods),” the assertion mentioned.
Notably, this marks the seventh month to this point this yr with collections exceeding Rs 1.60 lakh crore, it mentioned.
The authorities has settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST, it mentioned, including the entire income of Centre and the states in December 2023 after the common settlement is Rs 70,501 crore for CGST and Rs 71,587 crore for the SGST.
The revenues for December 2023 are 10.3 per cent larger than the GST revenues in the identical month final yr.
During the month, the revenues from home transactions (together with import of providers) are 13 per cent larger than the revenues from these sources a yr in the past.
Deloitte India accomplice MS Mani mentioned the strong collections in the course of the present fiscal should not pushed by festive or seasonal causes however display the sturdy underlying financial development seen throughout sectors.
While main states have continued their development, deeper evaluation is required for the dearth of development in GST collections in Rajasthan, Chhattisgarh and Jharkhand, he added.
With the persevering with spectacular development exceeding the fiscal targets for FY24, it’s probably that the interim price range/vote on account anticipated on February 1 would set larger targets for FY25 in addition to set the tone for the subsequent technology of GST reforms, he mentioned.
During the April-December 2023 interval, gross Goods and Services Tax (GST) assortment witnessed a strong 12 per cent development, reaching Rs 14.97 lakh crore towards Rs 13.40 lakh crore mopped up in the identical interval of the earlier yr, the finance ministry mentioned in a press release on Monday.
The common month-to-month gross GST assortment of Rs 1.66 lakh crore in the primary nine-month interval this yr represents a 12 per cent enhance in contrast to the Rs 1.49 lakh crore common recorded in the corresponding interval of FY23, it added.
“The gross GST revenue collected in the month of December, 2023 is Rs 1,64,882 crore out of which CGST is Rs 30,443 crore, SGST is Rs 37,935 crore, IGST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods) and cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods),” the assertion mentioned.
Notably, this marks the seventh month to this point this yr with collections exceeding Rs 1.60 lakh crore, it mentioned.
The authorities has settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST, it mentioned, including the entire income of Centre and the states in December 2023 after the common settlement is Rs 70,501 crore for CGST and Rs 71,587 crore for the SGST.
The revenues for December 2023 are 10.3 per cent larger than the GST revenues in the identical month final yr.
During the month, the revenues from home transactions (together with import of providers) are 13 per cent larger than the revenues from these sources a yr in the past.
Deloitte India accomplice MS Mani mentioned the strong collections in the course of the present fiscal should not pushed by festive or seasonal causes however display the sturdy underlying financial development seen throughout sectors.
While main states have continued their development, deeper evaluation is required for the dearth of development in GST collections in Rajasthan, Chhattisgarh and Jharkhand, he added.
With the persevering with spectacular development exceeding the fiscal targets for FY24, it’s probably that the interim price range/vote on account anticipated on February 1 would set larger targets for FY25 in addition to set the tone for the subsequent technology of GST reforms, he mentioned.
