The Indian government on Wednesday said GST collection for December 2024 rose by 7.3% to Rs 1,76,857 crore, compared to Rs 1,64,882 crore in December 2023. According to government data released on January 1, 2025, Central GST collection stood at Rs 32,836 crore, State GST stood at Rs 40,499 crore, Integrated IGST stood at Rs 47,783 crore and Cess stood at Rs 11,471 crore. According to PTI news, total gross goods and services tax (GST) revenue increased by 7.3 percent to Rs 1.77 lakh crore in December, compared to Rs 1.65 lakh crore in the same month a year ago.
GST collection increased by 8.4% from domestic transactions
According to the report, during December 2024, GST from domestic transactions increased by 8.4 percent to Rs 1.32 lakh crore, while revenue from tax on imports increased by nearly 4 percent to Rs 44,268 crore. Similarly, GST collection in November stood at Rs 1.82 lakh crore with an annual growth of 8.5 percent. The highest collection till date has been more than Rs 2.10 lakh crore in April 2024. Tax experts had then said that the strong GST revenue in April 2024 reflects a brighter economy, emphasis on compliance at the company level and timely audits and investigations besides steps taken at the department level.
Refunds worth Rs 22,490 crore issued
During the month, refunds worth Rs 22,490 crore were issued, registering a growth of 31 per cent compared to the year-ago period. After adjusting refunds, net GST collections rose 3.3 percent to Rs 1.54 lakh crore. This consistent growth in GST collections reflects strong domestic economic activity and continued compliance reforms under the country’s integrated tax regime.
In a significant step to curb GST evasion, the GST Council recently approved the proposal to introduce ‘track and trace mechanism’ for certain items prone to tax evasion, under which a specific tag will be placed on such items or packages. They will be marked so they can be traced in the supply chain.
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