New Delhi: GST collection is continuously increasing in the country. According to the data of January 1, 2025, GST collection in December has increased by 7.3 percent year on year to Rs 1.77 lakh crore. However, this collection is three percent less on monthly basis. GST collection in November 2024 was Rs 1.82 lakh crore. In the same period last year, GST collection was Rs. 1.65 lakh crore.
Central GST collection (CGST) is Rs. 34,141 crore, State GST collection (SGST) is Rs. 43,047 crore and IGST collection Rs. 91,928 crores. While cess revenue was Rs. It has become Rs 13,253 crore. The amount of refund issued in November is Rs. 19,259 crores. This shows that there has been a decrease of 8.9 percent in refunds as compared to last year.
The steady growth in GST revenues in the last quarter is a reflection of India’s improved economic stability. Despite challenges at the economic level, GST collections continue to increase significantly. The Indian economy faced an economic recession in the second quarter of the current financial year.
The Indian economy faced a recession in the second quarter of the current financial year and recorded a growth rate of only 5.4 percent. In this way, GDP has reached its lowest level in seven quarters at 6.7 percent. Before this, the second highest GST collection of Rs 1.87 lakh crore was done in October. The highest GST collection in April 2024 was Rs 2.10 lakh crore.
GST was implemented from 1 July 2017 in place of the old tax system. GST is considered to be the biggest tax reform in the country after independence. According to the Central Government, GST implemented seven years ago has helped a lot in reducing the tax burden on the people of the country.
