02.01.2024: December GST collections at Rs 1.65-trillion, year-to-year growth moderates

The growth in the government’s Goods and Services Tax (GST) collections slightly slowed in December, despite the mop-up largely belonging to transactions made in November, the month which saw several festivals including Diwali. Gross GST mop-up came in at

Rs 1.65 trillion in December, up 10.3% on year, as per data released by the finance ministry on Monday. However, the annual growth in monthly collections was lower than 15.2% reported in November and average of 11.7% so far in FY24.

In November, the total number of e-way bills generated were 87.6 million, the lowest in five months. December marked the seventh month in the current fiscal year, gross GST mop-up crossed the Rs 1.6 trillion mark.

With the December mop-up, the GST collections in the first nine-months of FY24 has averaged Rs 1.66 trillion per month, representing a 12% increase from the corresponding period of last year.

Of the total collections – Central GST (CGST) mop-up stood at Rs 33,652 crore, State GST (SGST) at Rs 37,935 crore, Integrated GST (IGST) at Rs 84,255 crore, and collections from cess at Rs 12,249 crore, in December.

The Budget has projected CGST collections to rise 12.9% on year, but in April-December, its growth has been 16.4%, indicating CGST mop-up may surpass the BE (budget estimate) by a wide margin.

The government settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST collections in December. Post settlement, the CGST mop-up stood at Rs 70,501 crore and SGST at Rs 71,587 crore, in December.

Source: Financial Express

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