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Gross GST collections in December 2023 were at 1,66,882 crore. However, the collections have dropped 2.97% from the previous month, reaching a three-month low. GST collections for September, October, and November were ₹1,73,240 crore, ₹1,87,346 crore, and ₹1,82,269 crore, respectively.
The year-to-date GST collections now stands at ₹16,33,569 crore, which is 9.10% higher compared to the same period last year. Despite this growth, the collections are still 18.98% short of the total projected collections for the fiscal year 2024.
Notably, the festive season (August to December) saw collections 8.24% higher than the previous year. However, the rate of growth during this period has been slowing down for the fourth consecutive year. In 2021, the festive season collections rose by 22.33%, followed by 19.01% in 2022, 11.95% in 2023, and 8.24% in 2024.
#NewsFlash | December #GST Collections Up 7.3% At ₹1.76 Lk Cr (YoY)#GSTCollection pic.twitter.com/8PC0ExwMZJ
— CNBC-TV18 (@CNBCTV18Live) January 1, 2025
Gross GST collections grew by 8.5% year-on-year to ₹1.82 lakh crore in November on the back of domestic consumption. On a monthly basis, however, collections dipped by approximately 2.7%, down from ₹1.87 lakh crore in October.
First Published: Jan 1, 2025 3:55 PM IST
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