India’s Goods and Services Tax (GST) revenue for December 2024 reached $20.7 billion, reflecting a 7.3% year-on-year increase. This marks the tenth consecutive month of collections surpassing $19.89 billion. Contributions included $3.84 billion from Central GST, $4.74 billion from State GST, and $5.59 billion from Integrated GST, along with $1.34 billion from cess collections.
Revenue from domestic transactions climbed by 8.4% to $15.44 billion, while GST collections on imports rose by 4%, amounting to $5.18 billion. Despite the robust performance, December’s figures remained below the record $24.56 billion collected in April 2024 and the $21.29 billion achieved in November 2024.
Refunds for December increased by 31% year-on-year, totaling $2.63 billion, leading to net collections of $18.01 billion—a 3.3% rise from the prior year.
In November 2024, GST collections reached $21.29 billion, supported by a 9.4% rise in domestic transactions, which totaled $16.38 billion, and a 6% increase in import-related GST at $4.98 billion. Refunds in November declined by 8.9% to $2.25 billion.
The consistent rise in GST revenues reflects the resilience of India’s economy, even as GDP growth slowed to 5.4% in Q2 FY2024—the lowest in seven quarters. This growth underscores strong domestic consumption and import activity, bolstering government finances amidst ongoing economic challenges.
