02-Jan-2025
2 mins read
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The Goods and Services Tax (GST) Collection data for December 2024 was released by the Ministry of Finance on January 1, 2025. In December 2023, the GST collection data stood at Rs 1.65 lakh crore.
The recent GST collection data reflects robust revenue generation, although it marks a slight decline from the previous month collection of Rs 1.82 lakh crore.
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GST Collection December 2024: Data Points
Central GST (CGST) collection is at Rs 32,836 crore. State GST (SGST) collection stood at Rs 40,499 crore. Integrated GST (IGST) collection stood at Rs 47,783 crore. The Cess is collected to Rs 11,471 crore.
The Domestic transaction contributed the overall collection, with revenues rising by 8.4% to Rs 1.32 lakh crore. However, the GST revenue from imports increased by 4% amounting to Rs 44,268 crore.
GST Refunds and Net Collections
In December 2024, the government issued refunds totaling Rs 22,490 crore. A substantial 31% increase compared to the same month last year. After accounting for refunds, the net GST collection stood at Rs 1.54 crore, reflecting a modest growth of 3.3% YoY.
For the FY25 up to December , the total GST collection reached Rs 16.33 lakh crore. It showcased a 9.1% increase over the corresponding period in the previous fiscal year. However, the total projected GST collection is still short of 18.98%.
Economic Insights and Future Outlook
The December 2024 , GST
figures indicate a slowdown in growth compared to past few months. The trend is
typical following a holiday season, when consumer spending tends to decrease.
States such as J&K and Himachal Pradesh are highlighted as examples of positive economic development.
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