GST Collection in India Surges by 10% to Reach Rs 1.64 Lakh Crore in December; Karnataka Ranks Second in State-wise Contributions”
GST Collection in India: Goods and Services Tax collection rose by 10% to Rs 1.64 lakh crore in December. 1.49 lakh crore was collected during the same period last year. Karnataka ranks second among the states with the highest GST collection in the country, with the state’s tax revenue rising to Rs 11,759 crore.
Bangalore: Goods and Services Tax (GST) collection rose 10 percent to Rs 1.64 lakh crore in December. 1.49 lakh crore was collected during the same period last year.
GST tax revenue is increasing and GST collection has increased by 12 percent in the first 9 months of the current year i.e. between April-December and reached Rs 14.97 lakh crore. 13.40 lakh crore was collected during the same period of the previous year.
An average of 1.66 lakh crore GST was collected during the first nine months of this year. Total GST revenue in December 2023 is Rs 1,64,882 crore, of which CGST is Rs 30,443 crore. SGST was Rs 37,935 crore, IGST was Rs 84,255 crore (including import duty of Rs 41,534 crore) and cess was Rs 12,249 crore (including Rs 1,079 crore collected on import of goods), the Union Finance Ministry said on Monday.
Through this, for the 7th time in the current year, more than 1.60 lakh crores of GST revenue has been collected.
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In Karnataka, there has been an increase of 17% and it has continued at the 2nd position.
Karnataka is the second-highest GST collection state in the country. December 11,759 crore GST collection in Karnataka increased by 17%. 10,061 crore in the state during the same period last year. was collected. The state of Maharashtra retained the top spot in GST collection with Rs 26,854 crore in December.
5 reasons for the increase in tax collection
- Reforms in the tax system
- Strict monitoring system of officers
- A curb on GST fraud
- Tax collection has also increased due to an increase in the price of essential commodities
- The country’s economy is growing and tax collection is also increasing
14.97 lakh crore Rs. – GST income for the first 9 months of the current year
12% – Rate of increase in GST collection in last 9 months
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The lowest level in three months
Last December, GST collection stood at Rs 1.64 lakh crore, the lowest level in the last three months. However, compared to the same period of the previous year, there has been an increase of 10 percent. Tax collection was Rs 1.67 lakh crore in November and Rs 1.72 lakh crore in October.
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