weather_iconAshburn | -0.51 °C | AQI 24
Saturday, 15 February, 2025

---Advertisement---

Business

GST Collection In December Increase 7.1% To Rs 1.76 Lakh Crore

So far in 2024-25, the total Goods and Services Tax collection has been 9.1% higher at Rs 16.33 lakh crore, as against Rs 14.97 lakh crore mopped up in the corresponding period of 2023.

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%, according to data from the finance ministry released on Wednesday.

Moreover, 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.

---Advertisement---

So far in 2024-25, the total Goods and Services Tax collection has been 9.1% higher at Rs 16.33 lakh crore, as against Rs 14.97 lakh crore mopped up in the corresponding period of 2023. In April 2024, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.

During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, with an 11.7% increase compared to the previous fiscal year. The recent Goods and Services Tax collections reflect a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country’s fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.

---Advertisement---

GST Collections: More Details!

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.

The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan.

(ANI Copy)

ALSO READ: Market Capitalization Of NSE Increased To $5.13 Trillion, Up 21.5% In 2024

HISTORY
SOURCES

ANI

Written By

Akshat Mittal


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

GST
Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates

Feb 15, 2025
Latest LIVE News Trending Today, Real Time Updates
  • 11:10 (IST) 15 Feb 2025

    Make Learning Playful: Sadhguru's Insightful Advice To Students On Overcoming Academic Challenges

N24 Shorts Logo

SHORTS

Shreyas Iyer scored 78 runs against England in the 3rd ODI
Sports

Why No. 4 Is The Perfect Spot For Shreyas Iyer In The Indian Line-Up? See Report

India managed to clinch the 3 match ODI series comfortably against England with the last match winning by a marginal gap of the 142 runs.

View All Shorts

---Advertisement---

Trending