January 2024 \ Business & Investment \ Business and Governance

New Delhi: The government’s Goods and Services Tax (GST) collections increased 10 per cent year-on-year in December, 2023 to Rs 1.65 lakh crore, the Ministry of Finance said on January 1. The gross GST collection for April-December 2023 now works out to Rs 14.97 lakh crore which represents a 12 per cent growth over the same period of the previous year. This is the tenth month in a row that the monthly GST collection has exceeded the Rs 1.5 lakh crore mark.

Monthly GST collections have risen over the years. From averaging under Rs 1 lakh crore per month in 2017-18 - its first year, collections rose rapidly after the pandemic-hit 2020-2021 to average Rs 1.51 lakh crore in 2022-23. The collections have been rising due to the increased economic activity and also due to the higher compliance that has resulted through a more efficient tax administration.


Tags: GST

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