New Delhi, Jan 1 (FN Bureau) The goods and services tax (GST) collection rose 10.3% year-on-year (YoY) to Rs 1,64,882 crore in December 2023, according to data released by Finance Ministry on Monday. This is the seventh month so far this financial year when collections have exceeded Rs 1.60 lakh crore. “The gross GST revenue collected in the month of December, 2023 is Rs 1,64,882 crore out of which CGST is Rs 30,443 crore, SGST is Rs 37,935 crore, IGST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods) and cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods),” Finance Ministry said in a media release.
The statement said that the government settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST in the previous month. The total revenue of Centre and the States in the month of December, 2023 after regular settlement is Rs 70,501 crore for CGST and Rs 71,587 crore for the SGST. During the April-December 2023 period, gross GST collection witnessed a robust 12% year-on-year growth, reaching Rs 14.97 lakh crore, as against Rs 13.40 lakh crore collected in the same period of the previous year (April-December 2022). “The average monthly gross GST collection of Rs 1.66 lakh crore in the first 9-month period this year represents a 12% increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23,” the official release said.