According to government data, India’s goods and services tax (GST) collections increased to Rs 1.77 trillion in December, the ninth consecutive month that collections have been above Rs 1.7 trillion. When compared to the Rs 1.65 trillion collected in December 2023, the December receipts show a 7.3% increase. They are still below the April 2024 peak of Rs 2.1 trillion, though. Additionally, the figure is less than the Rs 1.82 trillion recorded in November 2024, which represented an 8.5% annual growth.
Refunds issued in December totalled Rs 22,490 crore, reflecting a significant 31 per cent increase over December 2023. Adjusting for refunds, net GST collections increased by 3.3 per cent year-on-year to Rs 1.54 trillion. In November, the GST collections were driven by strong revenues from domestic transactions, which grew by 9.4 per cent year-on-year to Rs 1.40 trillion. Import-related GST revenues also showed a 6 per cent increase, amounting to Rs 42,591 crore.
The Central GST collection for December stood at Rs 32,836 crore, while State GST and Integrated GST contributions amounted to Rs 40,499 crore and Rs 47,783 crore, respectively. Collections from cess were reported at Rs 11,471 crore. Domestic transactions during the month contributed Rs 1.32 trillion, an 8.4 per cent increase compared to the same period last year. Revenues from GST on imports rose by 4 per cent year-on-year to Rs 44,268 crore.
State GST and Integrated GST were recorded at Rs 43,047 crore and Rs 91,828 crore, respectively, while Central GST was at Rs 34,141 crore. The entire amount of cess collected throughout the month was Rs 13,253 crore. The total amount of refunds given out in November was Rs 19,259 crore, which represents an 8.9% decrease from the year before. Despite difficulties in the overall economy, the consistent increase in GST receipts indicates better economic performance than the prior quarter. The second quarter of the fiscal year saw a slowdown in India’s economy, as GDP growth fell to a seven-quarter low of 5.4% from 6.7% during the April–June period.
