GST Collection: Goods and Services Tax (GST) collection has seen a jump in December 2024. According to the data released on January 1, GST collection in December has increased by 7.3 percent year-on-year to Rs 1.77 lakh crore. GST collection in December 2023 was Rs 1.65 lakh crore. Ever since the GST system has started, GST is the biggest factor contributing to the treasury of the central government.

GST collection is more than Rs 1.77 lakh crore for the 10th consecutive time

This figure of Rs 1.77 lakh crore in December shows GST collection above Rs 1.7 lakh crore for the tenth consecutive time. However, another truth is that this is behind the GST collection of Rs 2.1 lakh crore in April 2024. At the same time, this GST growth is also the lowest in the last 3 months. However, GST collections have been better than the previous quarter.

GST collection this quarter was better than the previous quarter

If we look at the average GST collection in October-December 2024, it has come to Rs 1.82 lakh crore, whereas during the previous quarter i.e. July-September 2024, the average GST collection was Rs 1.77 lakh crore. On the other hand, if it is seen in comparison to the same quarter of last year, then this GST collection has been 8.3 percent more.

Meaning of increase in GST revenue

This quarter, GST revenue has increased from the previous quarter, which indicates better performance of the economy. The Indian economy appeared to be faltering in the second quarter because during April-June, the economic growth rate i.e. GDP fell from 6.7 percent to 5.4 percent. This was its lowest level in seven quarters. 

For this reason, the country's central bank, the Reserve Bank of India, is also under pressure to change policy rates. RBI expects that India's economy will grow at a rate of 6.6 percent in the financial year 2025.