December GST collection surges 10% to ₹1.65 lakh cr
ADVERTISEMENT
The gross GST revenue collected in December rose 10% to ₹1,64,882 crore. The gross GST revenue from April to December 2023 was 12% higher at ₹14.97 lakh crore against ₹13.40 lakh crore in the corresponding month of the previous year (April-December 2022).
The monthly average gross GST collection of ₹1.66 lakh crore during the first nine months of 2023, reflected a 12% rise as compared to ₹1.49 lakh crore average reported in the same period in FY23.
The GST revenue for December 2023 includes ₹30,443 crore Central GST (CGST), ₹37,935 crore State GST (SGST), ₹84,255 crore IGST (inclusive of ₹41,534 crore from the import of goods), and cess at ₹12,249 crore (which includes ₹1,079 crore from the import of goods). December 2023 is marked as the seventh month where collections surpassed ₹1.60 lakh crore.
The government also settled ₹40,057 crore to CGST and ₹33,652 crore to SGST from IGST in December 2023. After the regular settlement, the total revenue of the Centre and the states in October 2023 stands at ₹70,501 crore for CGST and ₹71,587 crore for SGST.
October 2025
As India’s growth story gains momentum and the number of billionaires rises, the country’s luxury market is seeing a boom like never before, with the taste for luxury moving beyond the metros. From high-end watches and jewellery to lavish residences and luxurious holidays, Indians are splurging like never before. Storied luxury brands are rushing in to satiate this demand, often roping in Indian celebs as ambassadors.
During the month, the revenue from domestic transactions, including the import of services, showed 13% growth than the revenues from these sources compared to the same period in the previous year.
The revenues for December 2023 show a 10.3% increase compared to GST revenues in the corresponding month of the previous year. Additionally, the revenues from domestic transactions, encompassing the import of services, exhibit a 13% growth in comparison to those from the same sources during December of the preceding year, it adds.
The post-settlement SGST data shared by the ministry shows Maharashtra at a 13% increase in the GST revenue till December 2023 vs the same period last year. Gujarat and UP recorded 10% and 13% growth respectively. Delhi, Tamil Nadu and West Bengal saw growth of 10%, 11% and 7% respectively.
The state-wise data of GST collected in each State during the month of December 2023 as compared to December 2022 shows Maharashtra with a growth of 14%, Gujarat and UP with 7% and 12% growth. Delhi, Tamil Nadu and West Bengal saw growth of 16%, 19%, 10% respectively.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.