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Big update revealed regarding GST, know the full detail’s – Times Bull

Big update revealed regarding GST, know the full detail’s

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Big update revealed regarding GST. In 2024, the Indian economy has shown improvement, with the government collecting a total of Rs 21.51 lakh crore from GST between January and December. However, the revenue from GST in December was slightly lower than in November, with December’s collection at Rs 1.77 lakh crore compared to November’s Rs 1.82 lakh crore.

 

Notably, GST collections saw an increase of 8.5 percent in November, reaching Rs 1.82 lakh crore. According to data from the finance ministry, the total GST collection for the period from April to December amounted to Rs 16.34 lakh crore. In October, gross GST collections rose by 9 percent, exceeding Rs 1.87 lakh crore, marking the second-highest collection ever, driven by strong domestic sales and improved compliance.

 

Overall, the GST collection figures from January to December 2024 have experienced significant fluctuations, totaling Rs 21.51 lakh crore for the government.

 

In the financial year 2024-25, the government’s total GST collection stands at Rs 16.33 lakh crore, covering the period from April 2024 to December 2024, with three months remaining in the fiscal year. For context, in FY 2023-24, the government collected Rs 20.14 lakh crore from GST, while in FY 2022-23, the amount was Rs 14.96 lakh crore.

 

Which month saw the collection dip below Rs 1.80 lakh crore?

 

Examining the monthly GST collection data from January 2024 to December 2024, there were only three instances where the government’s GST collection surpassed Rs 1.80 lakh crore. Specifically, this milestone was achieved in July 2024, October 2024, and November 2024.

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