As per the latest official data released dated January 1, 2025, Gross GST collections in December 2024 stood at Rs 1,76,857 crore, which is 7.3 per cent more as compared to the previous year.
According to the data of government, the Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore.
In December the total gross Goods and Services Tax (GST) revenue rose to 7.3 per cent to Rs 1.77 lakh crore as compared to Rs 1.65 lakh crore in the same month a year ago, it said.
Under review in the month, GST from the domestic transactions has risen to 8.4% to Rs 1.32 Lakh crore, while the tax revenues on the imports has surged to 4% to Rs 44, 268 crore.
GST in November was Rs 1.82 lakh crore with 8.5% annual growth. In April 2024 it was the highest collection ever with Rs 2.10 lakh crore.
In the month, refunds of Rs 22490 crore were furnished enrolling a 31% rise over the year-ago period. The net GST collection post adjusting the refunds has surged to Rs 1.54 lakh crore i.e. 3.3%.
GST collections growth of 7.3% is in line with a slowdown in GDP growth. Since there was an expectation that the rise in the Gross Domestic Product (GDP) in this quarter would correspond to the GST collections.
GST specifies the spirit of federalism and now it is moving to “competitive federalism” between the Centre and states. From the data, the state GST (SGST) formations have jurisdiction over 40 per cent more GSTINs than Centre GST (CGST) formations, till now the GST collections by SGST formations over CGST formations are nearly 13 per cent.
Also, the YoY YTD growth by CGST formations in GST revenue is 10.8 per cent and SGST formations are 9.6 per cent, he cited.
The fact has been cited above that feasibly the division of taxpayers between the Centre and States may be investigated going forward by The GST Council.
