New Delhi,jan 1
Goods and Services Tax (GST) collections in December, in gross terms, were at Rs 1.76 lakh crore, with a yearly jump of 7.3 per cent, according to data from the finance ministry released on Wednesday.
In December 2023, the total collection was to the tune of Rs 1.64 lakh crore.CGST, SGST, IGST, and cess all increased year-on-year in December 2024, official data made available showed today. So far in 2024-25, the total GST collection has been 9.1 per cent higher at Rs 16.33 lakh crore, as against Rs 14.97 lakh crore mopped up in the corresponding period of 2023. During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, with an 11.7 per cent increase compared to the previous fiscal year. The figures bode well for the country’s fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years.Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wristwatches; TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people of this country.
