GST COLLECTION IN DECEMBER RISES 10% Y-O-Y TO HIT €1.65L-CR

Goods and Services Tax (GST) collections totaled almost 1.65 lakh crore in December, a 10.3% year-on-year (y-o-y) increase and the sixth highest in 77 months since the new tax regime was rolled out in July 2017, on the back of a consistent performance by the Indian economy, and better compliance.

- Rajeev Jayaswal

In sequential terms, the revenue fell marginally by 1.8% from the November collection, the third highest ever, according to official data.

Gross revenue in the month of December 2023, which reflects business transactions in November, was 1,64,882 crore, crossing the 1.60 lakh crore mark for seventh time in 2023-24, and the ninth time since 2017, on the back of a buoyant economy and robust domestic demand.

Experts said the healthy GST revenue is a weathervane of economic health and reflects the resilience of the Indian economy despite global headwinds.

India's GDP grew by 7.6% in the second quarter of 2023-24 and by 7.7% in the first half of the fiscal year. The Reserve Bank of India (RBI) upped its GDP growth forecast for FY24 to 7% in its December Monetary Policy Committee (MPC) meeting from 6.5% projected in October.