Growth in GST revenue declines to a 3-month low level in December.
The gross GST revenue collection in December 2023 stood at 1,64,882 crore rupees.
This was about 1.8% lower than the amount collected in November 2023 (₹1.68 lakh crore).
GST receipts in November 2023 marked the third highest monthly receipts since GST was launched in July 2017.
December 2023 marks the seventh successive month of ₹1.60 lakh crore-plus GST receipts.
Year-on-year GST revenue growth slowed to a 3-month low of 10.3%.
The revenues from domestic transactions in December 2023 are 13% higher than the revenues from domestic transactions in December 2022. Domestic transactions here include the import of services.
The average monthly gross GST collections in the first nine months of 2023-24 stood at ₹1.66 lakh crore. This stood at ₹1.49 lakh crore a year earlier.
December 2023 marks the 7th month so far this year with collections exceeding ₹1.60 lakh crore.
In the April-December 2023 period, gross GST collection saw a 12% y-o-y growth.
During this period, gross GST collection reached ₹14.97 lakh crore.
In the same period of the last year, gross GST collection stood at ₹13.40 lakh crore.
Thirteen States recorded revenue growth of 13% or more. Thirteen percent was the national average growth for domestic revenues.
Arunachal Pradesh, Haryana, Goa, the erstwhile State of Jammu and Kashmir and Tamil Nadu were the leading states.
Manipur recorded a 21% decline in November’s GST collections. It recorded a 9% rise in December. Sikkim recorded a 13% contraction in revenues.
Rajasthan and Chhattisgarh saw just 1% growth. Gujarat, Madhya Pradesh, Kerala and Uttar Pradesh are other States that recorded slower GST revenue growth than the national average.
