India's gross GST revenue for December 2024 reached Rs 1,76,857 crore, marking a 7.3% increase compared to December 2023's Rs 1,64,882 crore. This growth reflects India's sustained economic resilience and improved compliance levels, driven by continued digitization and stricter enforcement measures.
Key Highlights
1. Domestic GST Revenue Growth
- Domestic gross revenue stood at Rs 1,32,589 crore, showing an 8.4% year-on-year growth.
- CGST and SGST collections grew to Rs 32,836 crore and Rs 40,499 crore, respectively.
2. Revenue from Imports
- Gross import GST revenue rose to Rs 44,268 crore, a 3.9% increase from the previous year.
3. State-wise Performance
- Haryana witnessed the highest growth among large states with a 28% increase, collecting Rs 10,403 crore in December 2024.
- Sikkim saw a remarkable 30% surge, while Maharashtra continued to lead in absolute terms with Rs 29,260 crore.
- On the other hand, states like Arunachal Pradesh and Chandigarh recorded declines of 27% and 20%, respectively.
4. GST Refunds
- Total refunds rose sharply by 45.3% year-on-year to Rs 22,490 crore in December 2024.
- Export-related refunds alone increased by 64.5%, underlining India's strong export performance.
5. Net Revenue Trends
- Net domestic revenue climbed to Rs 1,21,019 crore, showing a 6.7% increase compared to December 2023.
- However, net customs revenue declined by 7.3% due to reduced IGST on imports.
Implications
The growth in GST collections underscores the effectiveness of recent policy measures, including targeted drives against fake registrations and enhanced digital infrastructure. While some states faced headwinds, the overall trend remains positive, highlighting India's robust tax base expansion and economic activity.
With the year-to-date GST collections for 2024-25 reaching Rs 16,33,567 crore - up 9.1% from the previous year - the Indian government is poised to exceed its annual revenue targets. This bodes well for sustained fiscal health and developmental initiatives.
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