Government collects ₹1.77 lakh crore GST in December 2024
The government has collected Rs 1.77 lakh crore from Goods and Services Tax (GST) in December 2024. It has increased by 7.3% on an 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, in this financial year i.e. 2024-25, so far 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 November last year. At the same time, 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 was Rs 10.87 lakh crore, which was 9.5% higher than the first half of FY24
The highest collection 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, the highest amount of Rs 2.10 lakh crore was collected as GST in April 2024. At the same time, the government collected GST of Rs 1.87-1.87 lakh crore in April-2023 and October-2024.
GST was implemented in 2017
The government implemented GST across the country on July 1, 2017. After this, 17 taxes and 13 cess of the central and state governments were removed. On the completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years.
GST was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
