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GST Collection: A jump has been seen in Goods and Services Tax (GST) collection in December 2024. According to the data released on January 1, GST collection in December has increased by 7.3 percent on year-on-year basis to Rs 1.77 lakh crore. In December 2023, GST collection stood at Rs 1.65 lakh crore. Ever since the GST system came into force, the biggest factor contributing to the treasury of the Central Government is GST.
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 the previous quarter.
GST collection of this quarter was better than last quarter
If we look at the average GST collection in October-December 2024, it has come to Rs 1.82 lakh crore, whereas during the previous quarter i.e. July-September 2024, the average GST collection was Rs 1.77 lakh crore. If we look at it in comparison to the same quarter last year, then this GST collection has been 8.3 percent more.
Meaning of increasing GST revenue
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 percent to 5.4 percent during April-June. This was its lowest level in seven quarters.
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 the rate of 6.6 percent in the financial year 2025.
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