India posts robust GST growth with Rs 14.97 lakh crore collection from April to December 2023
New Delhi [India], January 1: India’s Gross Goods and Services Tax (GST) collection witnessed an impressive 12 percent year-on-year growth during the April-December 2023 period, amounting to Rs 14.97 lakh crore, according to the Ministry of Finance. This substantial increase from the previous fiscal year highlights the positive economic trend and resilience in India’s fiscal landscape.
The average monthly gross GST collection in the initial nine months of the fiscal year 2023-24 stood at Rs 1.66 lakh crore, reflecting a 12 percent surge compared to the same period in the previous fiscal year. This consistent rise in collections signifies increased economic activities and consumption, further strengthening the government’s revenue base.
In December 2023, the gross GST revenue reached Rs 1,64,882 crore, with CGST at Rs 30,443 crore, SGST at Rs 37,935 crore, IGST at Rs 84,255 crore (including Rs 41,534 crore from import of goods), and cess at Rs 12,249 crore (including Rs 1,079 crore from import of goods). Notably, this marks the seventh month of the fiscal year with collections exceeding Rs 1.60 lakh crore.
The revenues for December 2023 are 10.3 percent higher than the GST revenues in the same month the previous year. Domestic transactions, including the import of services, witnessed a 13 percent increase in revenues compared to December of the previous fiscal year.
The robust GST performance reflects a positive economic trend, showcasing resilience and growth in India’s fiscal landscape, stated the Ministry of Finance. The government remains optimistic about the fiscal trajectory as the country moves forward into the new year.
The consistent growth in GST collections not only indicates a rebound in the economy but also provides the government with a solid revenue base to support various developmental initiatives and welfare programs. It is a testament to the efforts made to streamline the tax system and improve compliance.
As India continues to foster economic growth and enhance its fiscal landscape, the government will strive to further strengthen tax administration, promote transparency, and encourage voluntary compliance.
The successful collection of the GST revenue is a significant achievement for the Indian economy, demonstrating its ability to adapt and overcome challenges. The positive trajectory reflects the resilience and determination of the country to emerge stronger amidst global uncertainties.
With robust growth in GST collections, India stands on a solid foundation to sustain economic progress and achieve its developmental goals. The Ministry of Finance expects this upward trend to continue in the coming months, supporting the nation’s long-term growth and prosperity.
