India’s Goods and Services Tax (GST) collections continue to show robust growth, reflecting a steady improvement in economic activity and compliance. The GST revenue for December 2024 reached ₹1.77 lakh crore, marking a 7.3% increase from the ₹1.65 lakh crore recorded in December 2023.
Key Highlights of GST Collections in December 2024
- Domestic GST Collections:
- The gross domestic GST revenue saw an 8.4% growth, increasing from ₹1.22 lakh crore in December 2023 to ₹1.33 lakh crore in December 2024.
- Central GST (CGST) and State GST (SGST) grew by 7.9% and 6.8%, respectively.
- Integrated GST (IGST) collections, including those on imports, rose by 11.8%.
- Revenue from Imports:
- Import-related GST collections stood at ₹44,268 crore, registering a 3.9% growth year-on-year.
- Cess Revenue:
- The GST cess increased marginally to ₹12,301 crore, a 0.4% rise from the previous year.
State-Wise Performance
Several states demonstrated double-digit growth in their GST revenues, underscoring regional economic resilience.
- Haryana: 28% growth, reflecting industrial and agricultural growth.
- Punjab: 22% growth, supported by manufacturing and trade.
- Sikkim: 30% growth, the highest among smaller states.
Conversely, a few regions experienced declines. Chandigarh, Arunachal Pradesh, and Meghalaya saw revenue dips of -20%, -27%, and -12%, respectively.
Year-To-Date (YTD) Growth
For the April to December 2024 period, the total GST collections amounted to ₹16.34 lakh crore, a 9.1% increase compared to ₹14.97 lakh crore in the same period of the previous year. Domestic GST revenues exhibited a robust 10.1% growth, while import-related collections grew by 6%.
GST Refunds
Refunds witnessed a sharp increase, with total refunds rising by 45.3% in December 2024 compared to the same month in 2023. This highlights improved processing efficiency and compliance among businesses.
Implications for Economic Growth
The consistent growth in GST collections highlights:
- Strong economic recovery post-pandemic.
- Enhanced compliance due to stricter regulations and efficient tax mechanisms.
- Increasing consumer spending and industrial output.
Conclusion
The December 2024 GST revenue numbers reiterate India’s resilience and growth trajectory. As the government continues to streamline GST processes and enhance compliance measures, the upward trend is expected to sustain, contributing significantly to India’s fiscal health and economic expansion.
November 2024
The Gross GST revenue in November 2024 stood at ₹1,82,269 crore, reflecting an 8.5% increase compared to November 2023, which had collections of ₹1,67,929 crore. Year-to-date (YTD) collections have grown by 9.3%, with ₹14,56,711 crore collected up to November 2024, compared to ₹13,32,440 crore in the same period last year.
Components of GST Revenue
- Domestic Revenue:
- CGST: ₹34,141 crore (up from ₹30,420 crore in November 2023, a 12.3% growth).
- SGST: ₹43,047 crore (up from ₹38,226 crore, a 12.6% growth).
- IGST: ₹50,093 crore (domestic, up from ₹47,810 crore, a 4.8% growth).
- CESS: ₹12,398 crore (up from ₹11,239 crore, a 10.3% growth).
- Total Domestic Revenue for November 2024 reached ₹1,39,678 crore, marking a 9.4% increase from the prior year.
- Revenue from Imports:
- IGST collections on imports rose to ₹41,736 crore (6.5% growth).
- CESS on imports decreased slightly to ₹855 crore (-17.5%).
- Refunds:
- Total refunds decreased by 8.9%, amounting to ₹19,259 crore in November 2024, with domestic refunds declining more significantly than export-related refunds.
State-Wise Highlights
- Among the top contributors:
- Maharashtra led with ₹29,948 crore, reflecting a 17% growth.
- Karnataka and Delhi also showed robust growth of 15% and 18%, respectively.
- Smaller states like Sikkim witnessed the highest percentage growth at 52%, while Lakshadweep noted an exceptional 1120% rise due to a low base effect.
- States with declining collections included Rajasthan (-1%), Arunachal Pradesh (-23%), and Nagaland (-22%).
Net Revenue
Net GST revenue after refunds reached ₹1,63,010 crore in November 2024, a 11.1% increase compared to ₹1,46,786 crore in November 2023. This growth highlights the efficiency in collections despite fluctuations in refunds and import revenues.
This sustained growth underscores improving economic activities and enhanced compliance measures implemented during FY 2024-25.
October 2024
The October 2024 revenue report reflects significant growth in Goods and Services Tax (GST) collections across India. This analysis breaks down the key findings, growth trends, and the contributing factors to the higher revenue figures seen in comparison to October 2023.
1. Overview of GST Collections
- Gross GST Revenue: The total gross GST revenue for October 2024 amounted to ₹1,87,346 crore, marking an increase of 8.9% from October 2023. Year-to-date (YTD) figures rose to ₹12,74,442 crore, up by 9.4% compared to the previous fiscal year.
- Net GST Revenue: The net GST revenue, accounting for refunds, reached ₹1,68,041 crore, a 7.9% rise from October 2023. The YTD total for net GST revenue stands at ₹11,27,593 crore, representing a 9.0% year-on-year increase.
2. Revenue from Domestic and Imported Goods
- Domestic Collections: The domestic GST collections grew by 10.6% for October, totaling ₹1,42,251 crore, with a YTD growth of 10.5%, reflecting strong demand and increased economic activity within the country.
- Import-Based Collections: GST revenue from imports saw a modest increase of 3.9% in October, with YTD growth of 6.3%, totaling ₹3,09,303 crore, likely influenced by global economic factors impacting import volumes and prices.
3. Refunds Issued in October 2024
- Domestic Refunds: Refunds on domestic GST reached ₹10,498 crore, a significant 42.8% rise, highlighting increased processing efficiency or more claims being filed
- Export Refunds: Through the ICEGATE portal, export-related GST refunds totaled ₹8,808 crore, a slight decrease from October 2023.
4. State-Wise GST Growth Trends
The report also provides a detailed state-by-state analysis. Key states showing robust growth include:
- Maharashtra: ₹31,030 crore collected, representing a 14% increase.
- Gujarat: ₹11,407 crore, up by 17%.
- Kerala: ₹2,896 crore, with a notable 20% growth rate
Other states like Haryana, Delhi, and West Bengal also displayed double-digit growth, contributing to the overall increase in national revenue.
5. GST Revenue Breakdown by Category
- Central GST (CGST): ₹33,821 crore in October 2024, up from ₹30,062 crore, an increase of approximately 12.5%.
- State GST (SGST): ₹41,864 crore, marking a rise of over 9.6%.
- Integrated GST (IGST): A collection of ₹99,111 crore, reflecting an 8.5% increase.
- Cess: The total cess collected was ₹12,550 crore, showing a slight increase from the previous year.
Conclusion
The GST collections for October 2024 underscore a positive trajectory in India’s economic recovery and enhanced compliance measures. The boost in domestic revenue highlights increasing consumption and productive economic activity, particularly in high-growth states. The moderation in import-related GST revenue may reflect international trade trends, and the substantial increase in refunds points to an effective and taxpayer-friendly GST refund system.
This report reflects India’s robust GST framework as a powerful mechanism for revenue generation, supporting state and central government projects and services.
