GST Collection In December 2023: The Goods and Services Tax (GST) collection in the last month of the year 2023 i.e. December increased by 10 per cent on an annual basis, as per data issued by the finance ministry on Monday.
However, December’s 2023 GST collection is 2 per cent less than the Rs 1.68 lakh crore collected in November. December has been the tenth consecutive month when the monthly GST collection remained above Rs 1.5 lakh crore.
of the total collection, Central GST contribution was Rs 30,443 crore, State GST add-up was Rs 37,935 crore, Integrated GST collection was Rs 84,255 crore and Cess was Rs 12,249 crore.
The union government settled Rs 40,057 crore from Integrated GST to Central GST and Rs 33,652 crore to State GST. That resulted, the total revenue of the month after settlement at Rs 70,501 crore for the Center and Rs 71,587 crore for State GST.
With the latest GST data, the average monthly collection in 2023-24 has become Rs 1.66 lakh crore. Earlier, In 2017-18, the average collection every month was less than Rs 1 lakh crore. However, after the pandemic hit 2020-21, the collection increased rapidly to an average of Rs 1.51 lakh crore in 2022-23.
The finance ministry said that gross GST collections witnessed a strong 12 per cent year-on-year growth during the April-December 2023 period, reaching Rs 14.97 lakh crore, as against Rs 13.40 lakh crore in the same period last year.
The ministry further said that the average monthly gross GST collection, which is Rs 1.66 lakh crore in the first 9 months of this year, is 12 per cent higher than the average of Rs 1.49 lakh crore recorded in the same period of FY23.
