2024 GST Collections Hit Record High: The goodbye time of 2024 has filled the government treasury, the government will have to wait until December. About Rs 1.77 lakh crore has been earned for the government treasury, which will help in the development and construction works of the country.
Table of Contents
2024 GST Collections Hit Record High
The government collected Rs 1.77 lakh crore from the Goods and Services Tax, GST, in December 2024, an increase of 7.3% on an annual basis. According to the data released on Wednesday, January 1, a year ago, in December 2023, the government collected Rs 1.65 lakh crore from GST. At the same time, in this financial year 2024-25, Rs 16.33 lakh crore has come from GST.
2024 GST Collections Hit Record High: November GST Collection
Last November, the government collected Rs 1.82 lakh crore from GST, which was 8.5% more than in November last year. November was the ninth consecutive month when the monthly collection was more than Rs 1.7 lakh crore. GST collection in the first six months of the year stood at Rs 10.87 lakh crore, which was 9.5% more than in the first half of FY24.
A Maximum of ₹ 2.10 Lakh Crore was Collected in April 2024.
In terms of gross tax collection, the month of November was the third largest collection so far. Earlier in April 2024, the maximum amount of Rs 2.10 lakh crore was collected as GST. At the same time, the government had collected GST of Rs 1.87-1.87 lakh crore in April 2023 and October 2024.
2024 GST Collections Hit Record High: Refund Worth
So much money came as refunds Refunds worth Rs 22,490 crore were issued during this month, which is 31 percent more than the same period last year. After adjusting refunds, net GST collection has increased by 3.3 percent to Rs 1.54 lakh crore. GST collection in November stood at Rs 1.82 lakh crore with an annual increase of 8.5 %
GST Collection Exceeds Rs 1.77 Lakh Crore for the 10th Consecutive Time
This figure of Rs 1.77 lakh crore in December shows the GST collection above Rs 1.7 lakh crore for the tenth consecutive time. However, another truth is that it is behind the GST collection of Rs 2.1 lakh crore for April 2024.
At the same time, this GST growth is also the lowest in the last 3 months. However, GST collections have been better than in the previous quarter. This quarter, GST revenue has increased compared to the previous quarter, which indicates better performance of the economy.
The Indian economy was seen faltering in the second quarter as the economic growth rate i.e. GDP fell from 6.7 % to 5.4 % during April-June. GST collection shows the health of the economy GST collection is an indicator of the overall health of the economy.
𝐈𝐧𝐝𝐢𝐚 𝐜𝐨𝐥𝐥𝐞𝐜𝐭𝐬 $𝟐𝟎.𝟔𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐠𝐨𝐨𝐝𝐬 𝐚𝐧𝐝 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐭𝐚𝐱 𝐢𝐧 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫
— AsiaOne Magazine (@AsiaoneMagazine) January 2, 2025
India's GST revenue for December 2024 rose by 7.3% year-on-year, totaling ₹1.77 lakh crore. GST collections showcased impressive growth, with Central GST… pic.twitter.com/hiDlI76MT3
On the GST collection figures for April, KPMG National Head Abhishek Jain said that the highest GST collection so far reflects the strong domestic economy. For this reason, pressure is being seen on the country’s central bank i.e. Reserve Bank of India to change the policy rates. RBI expects the Indian economy to grow at a rate of 6.6 % in the financial year 2025.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗