In December 2023, the Goods and Services Tax (GST) collections recorded a noteworthy 10% year-on-year increase, reaching Rs 1.65 lakh crore, as reported by the Ministry of Finance on Monday.
The cumulative gross GST collection for April-December 2023 now stands at Rs 14.97 lakh crore, reflecting a robust 12% growth compared to the corresponding period in the previous year.
This marks the tenth consecutive month where the monthly GST collection has surpassed the Rs 1.5 lakh crore milestone.
The trajectory of monthly GST collections has demonstrated a positive trend over the years. In its inaugural year of 2017-18, the average monthly collections were below Rs 1 lakh crore. Subsequently, post the pandemic-hit fiscal year 2020-21, the collections saw a rapid surge, averaging Rs 1.51 lakh crore in 2022-23.
The consistent increase in collections can be attributed to heightened economic activity and improved compliance, resulting from more efficient tax administration measures. This positive momentum underscores the resilience of the GST system and its ability to adapt to evolving economic dynamics.
(With Agency Inputs)
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