01-Jan-2024
2 mins read
In a remarkable financial update, India’s Gross Goods and Services Tax (GST) collection for December 2023 has shown a significant increase. The finance ministry’s latest data reveals a 10.3% year-over-year growth, with the total collection reaching Rs 1,64,882 crore. This growth is not just a monthly spike but part of a consistent upward trend observed over the fiscal year.
Comparative Analysis: A Year-Over-Year Overview
| Fiscal Year | April-December 2022 (in Rs lakh crore) | April-December 2023 (in Rs lakh crore) | % Increase |
| GST Collection | 13.4 | 14.97 | 12% |
The financial figures presented by the ministry are noteworthy. From April to December 2023, the country witnessed a robust 12% year-over-year growth in gross GST collections.
Monthly Averages and Component Breakdown
| Month | FY23 Average Monthly Collection (in Rs lakh crore) | December 2023 Collection (in Rs crore) | % Increase |
| December | 1.49 | 1,64,882 | 12% |
December 2023’s GST collection saw a notable hike compared to the monthly average of FY23. A breakdown of December 2023’s collections show a diverse contribution from different GST components.
Components of December 2023 GST Collection
| GST Component | Collection (in Rs crore) |
| CGST | 30,443 |
| SGST | 37,935 |
| IGST | 84,255 |
| Cess | 12,249 |
Consecutive Highs in Monthly Collections
The finance ministry emphasized that this is the ninth consecutive month in which GST collections have surpassed Rs 1.60 lakh crore. This consistency underlines the strengthening of the economy and effective tax administration.
Revenue Distribution and Settlement
The central and state governments have seen a fair share of this revenue. Post-routine settlement, the revenue for December 2023 stands at Rs 71,587 crore for SGST and Rs 70,501 crore for CGST.
Comparison with Previous Year and Closing Thoughts
Comparing these numbers with the same month last year, there’s a clear 10.3% increase in GST revenues. This growth trajectory in GST collections reflects a robust economic recovery and a strong indicator of the country’s financial health.