The gross goods and services tax (GST) collection increased by 12 per cent year on year from April to December 2023, reaching Rs 14.97 lakh crore when compared to the previous year’s collection of Rs 13.40 lakh crore during the same period.
The average monthly gross GST collection for the first nine months of this year was Rs 1.66 lakh crore, representing a 12 per cent increase compared to the average of Rs 1.49 lakh crore recorded during the same period in financial year 2022-23 (FY23).
The Gross GST revenue collected for the month of December 2023 is Rs 1,64,882 crore. Out of this, the Central GST (CGST) amounts to Rs 30,443 crore, the State GST (SGST) is Rs 37,935 crore and the Integrated GST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods).
Additionally, the cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods). It is worth noting that this is the seventh month in the year with collections exceeding Rs 1.60 lakh crore.
The government has settled Rs. 40,057 crore to CGST and Rs. 33,652 crore to SGST from IGST. The total revenue collected by the Centre and the States in December 2023 after regular settlement is Rs. 70,501 crore for CGST and Rs. 71,587 crore for SGST.
Compared to the same month last year, the revenues for December 2023 are 10.3 per cent higher. Additionally, the revenues from domestic transactions (including import of services) during the month are 13 per cent higher than the revenues from these sources during the same month last year.
