GST Collections Surge 7.3% to ₹1.77 Lakh Crore in December 2024

India's Goods and Services Tax (GST) collections reached Rs 1.77 lakh crore in December, maintaining a strong performance for the tenth consecutive month, staying above the Rs 1.7 lakh crore mark. The figures, released on January 1, show a 7.3% increase compared to December 2023, when collections stood at Rs 1.65 lakh crore. However, this was lower than the record high of Rs 2.1 lakh crore in April.

Despite the lower growth rate, the collections for the October-December quarter were better than the previous quarter. The average GST revenue during this period was Rs 1.82 lakh crore, up from Rs 1.77 lakh crore in the previous quarter. Year-on-year, the December quarter saw an 8.3% increase in GST collections.

This rise in GST revenues indicates a steady economic recovery, even though India’s economy slowed down in the second quarter of the fiscal year, with growth dropping to a seven-quarter low of 5.4%. The Reserve Bank of India (RBI) has projected a growth rate of 6.6% for FY25, suggesting optimism for the coming months.