The Union and state governments collected gross Goods and Services Tax (GST) revenue of ₹1.76 trillion in December 2024. While the figure marked a 7.3% increase from the same period last year, it was the lowest in three months, reflecting seasonal trends and consumer spending moderation. Below are the key highlights:
1. Gross and Net GST Collection Trends
Gross GST receipts for December stood at ₹1.76 trillion, while net collections after refunds totaled ₹1.54 trillion, showing a modest annual growth of 3.3%. Earlier in April 2024, GST revenue peaked at ₹2.1 trillion due to year-end inventory clearance by companies, but the figures have since moderated, crossing ₹1.8 trillion only four times in nine months.
2. Impact of Tax Refunds
In December, authorities issued ₹22,490 crore in tax refunds, a significant 45.3% increase compared to the previous year. This uptick in refunds, primarily for exports, contributed to the gap between gross and net GST collections. Cumulatively, ₹16.33 lakh crore has been collected in GST this fiscal prior to refunds, reflecting a 9.1% annual growth. After refunds, net collections stood at ₹14.4 trillion, marking an 8.6% increase year-on-year.
3. State-Level Performance
Punjab and Haryana led the state-wise revenue growth in December, with increases of 22% and 28%, respectively. Tamil Nadu and Maharashtra posted growth rates of 11% and 9%, while Karnataka reported a 7% rise. This growth reflects robust economic activity in key states.
4. GST and Export Dynamics
Increased GST refunds for exports signify a growing volume of exported goods and services, further supporting India’s export-oriented sectors.
