New Delhi4 days ago
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The government has collected Rs 1.77 lakh crore from Goods and Services Tax, i.e. GST, in December 2024. There has been an increase of 7.3% on annual basis. According to the data released on Wednesday, January 1, a year ago i.e. in December 2023, the government had collected Rs 1.65 lakh crore GST. At the same time, so far in this financial year i.e. 2024-25, Rs 16.33 lakh crore has come from GST.
A month ago i.e. in November, the government had collected Rs 1.82 lakh crore from GST, which was 8.5% more than in November last year. November was the ninth consecutive month when the monthly collection was more than Rs 1.7 lakh crore. GST collection in the first six months of the year stood at Rs 10.87 lakh crore, which was 9.5% more than in the first half of FY24.
The maximum of ₹ 2.10 lakh crore was collected in April 2024.
In terms of gross tax collection, the month of November was the third largest collection so far. Earlier in April 2024, the maximum amount of Rs 2.10 lakh crore was collected as GST. At the same time, the government had collected GST of Rs 1.87-1.87 lakh crore in April-2023 and October-2024.
GST collection shows the health of the economy
GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection so far reflects the strong domestic economy.
GST was implemented in 2017
The government implemented GST across the country on July 1, 2017. After this, 17 taxes and 13 cesses of the Central and State Governments were removed. On completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years.
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
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Also read this tax related news…
Government has collected ₹11.25 lakh crore direct tax so far: 18% more than last year, refund of ₹2.31 lakh crore also issued
The central government has collected net direct tax of Rs 11.25 lakh crore from April 1 to October 10. In this, corporate tax is Rs 4.94 lakh crore and personal income tax is Rs 5.98 lakh crore.
The Income Tax Department had collected direct tax of Rs 9.51 lakh crore at the same time a year ago (by October 10, 2023). There has been an increase of 18.35% on annual basis.
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