In the dynamic landscape of India’s fiscal scenario, the Goods and Services Tax (GST) continues to emerge as a pivotal barometer of the nation’s economic health. The recent figures released for the April-December 2023 period showcase an impressive ascent in GST collections, reflecting a resilient growth trajectory despite various economic challenges.
During the specified period, the gross GST collection surged to an impressive ₹14.97 lakh crore, marking a substantial 12% year-on-year escalation from the ₹13.40 lakh crore collected in the corresponding period of the previous year, April-December 2022. This notable growth underlines the country’s steady economic revival and its ability to surpass prior benchmarks.
The monthly gross GST collection averaged at ₹1.66 lakh crore during the initial 9 months of 2023, signifying a significant 12% increase when juxtaposed against the ₹1.49 lakh crore average recorded in the corresponding period of the fiscal year 2022-23. Such consistent month-on-month progress indicates sustained economic momentum and buoyancy.
The month of December 2023 proved to be another milestone, with the gross GST revenue reaching ₹1,64,882 crore. This total comprised CGST of ₹30,443 crore, SGST of ₹37,935 crore, IGST of ₹84,255 crore (inclusive of ₹41,534 crore from the import of goods), and cess amounting to ₹12,249 crore (including ₹1,079 crore from the import of goods). Impressively, this marked the seventh month in the year where collections surged beyond ₹1.60 lakh crore, symbolizing the consistent fiscal prowess witnessed throughout the year.
Furthermore, the government’s strategic allocation included settling ₹40,057 crore to CGST and ₹33,652 crore to SGST from IGST. Post the regular settlement, the total revenue apportioned to the Centre and the States for December 2023 stood at ₹70,501 crore and ₹71,587 crore for CGST and SGST, respectively. This intricate distribution demonstrates a concerted effort towards maintaining equilibrium between the central and state revenues.
Comparing the December 2023 figures with the corresponding period of the previous year, the revenues witnessed an impressive 10.3% surge. Specifically, revenues from domestic transactions, including import of services, registered a substantial 13% increment compared to the revenue from similar sources in the same month of the preceding year.
These robust figures substantiate the resilience of India’s economic landscape and underscore the government’s effective strategies in bolstering fiscal health. The consistent growth in GST collections amidst challenging economic scenarios reaffirms India’s ability to navigate through uncertainties while charting a path toward sustained economic progress.
In conclusion, the impressive GST collection figures for April-December 2023 stand as a testament to the nation’s economic resilience, reflecting concerted efforts toward fiscal stability and growth. As India continues its journey towards economic resurgence, these achievements serve as crucial milestones, guiding the trajectory of the country’s fiscal policies and economic prosperity.