Robust Growth: India's GST Collections Hit New Highs in 2024

In January, India's GST collections reached Rs 1.96 lakh crore, a rise of 12.3% from Rs 1.74 lakh crore the previous year. The fiscal year 2024-25 saw a 9.4% increase in GST collections. Strong domestic consumption and imports are driving this positive economic trend.

India's Goods and Services Tax (GST) collections in January soared to Rs 1.96 lakh crore, marking a 12.3% rise from the previous year's Rs 1.74 lakh crore, as per data released by the finance ministry on Saturday. This growth underscores the country's economic resilience amidst global challenges.

Data for December 2024 showed an upward trend in CGST, SGST, IGST, and cess amounts compared to the previous year. The 2024-25 period (April-January) recorded a 9.4% higher GST collection of Rs 18.29 lakh crore, a significant increase from the Rs 16.71 lakh crore in the same timeframe for 2023-24.

April 2024 witnessed a record GST mop-up of Rs 2.10 lakh crore. For the financial year 2023-24, the total GST collection reached Rs 20.18 lakh crore, up by 11.7% from the previous fiscal. Analysts attribute these figures to strong domestic consumption and vibrant import activity, reflecting positive economic signals.

The GST, implemented from July 1, 2017, has facilitated substantial rate cuts beneficial to consumers on various items including essential consumer goods. The central GST Council, led by the Union Finance Minister and comprising state Finance Ministers, regularly revises this list. This body recently convened in Jaisalmer, Rajasthan, on December 21.

(With inputs from agencies.)