India’s Gross GST receipts increased at a slower pace of 7.3% in December 2024, marking the second-lowest growth in 43 months.
Net GST collections, after refunds, grew at just 3.3% in December, the weakest growth in FY 2024-25.
Refunds to taxpayers jumped by 45.3% to ₹22,490 crore, impacting net collections, which stood at ₹1.54 lakh crore.
Domestic transaction revenues grew by 8.4% (down from 9.4% in November), while import-related revenues grew only 3.9% (down from 5.9% in November).
Some states like Arunachal Pradesh, Meghalaya, and Manipur saw significant revenue declines, while others like Sikkim, Haryana, and Punjab saw higher growth.
Major states such as Uttar Pradesh, Bihar, West Bengal, and Gujarat showed below 5% growth, raising concerns about the performance.
The growth in net GST collections for the first nine months of FY 2024-25 slowed to 8.6%, down from 9.2% in November.
Experts suggest the GST slowdown aligns with the expected dip in GDP growth, but it may pick up in the upcoming quarter as GDP growth improves
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