The Union Finance Ministry reported that the GST collection increased by 10.3 percent to Rs 1.65 lakh crore in December.
Goods and services Tax collections in december increased by 10.3 per cent to Rs 1.65 lakh crore over last year due to festive season consumption. The average monthly total GST collection so far in FY 2024 is Rs 1.66 lakh crore. It was Rs 14.97 lakh crore in the first nine months of the year. It was Rs 13.4 lakh crore in the same period last year, which represents a growth of 12%, the Union Finance Ministry said.
In november, revenue from domestic transactions (including import of services) increased by 13 percent from a year earlier. Rs.1.87 lakh crore was collected in april which was the highest ever. Meanwhile, the november collection for october transactions stood at Rs 1.67 crore.
The collection is slightly lower than last month. But abhishek Jain, national head of indirect tax at KPMG, said the stable mark of over Rs 1.6 lakh crore gives financial confidence despite various global interventions. "Festive cheer and continued payment of FY17-18 and FY18-19 arrears would have contributed well to this continued growth." According to the information released by the Finance Ministry, the total GST revenue is Rs 1,64,882 crore. Central GST is Rs 30,443 crore. State GST: Rs 37,935 crore. Combined GST is Rs 84,255 crore, including Rs 41,534 crore collected from import of goods. Similarly, the cess tax is Rs 12,249 crore including Rs 1,079 crore collected from import of goods.
State-wise, after state GST settlement, odisha registered a growth of 29 per cent to Rs 18,093 crore. The state had recorded Rs 14,046 crore during the same period last year.
Maharashtra continues to dominate state-wise collections. It has registered a growth of 13 percent from Rs 95,981 crore last year to Rs 1.09 lakh crore. maharashtra is followed by Uttar Pradesh and karnataka at Rs 55,656 crore and Rs 54,881 crore after state GST settlement.
click and follow Indiaherald WhatsApp channel