Strength in GDP: GST collection increased to Rs 16.33 lakh crore in April-December
New Delhi| GST collection continues to accelerate due to increase in domestic transactions on the basis of strong economic and business activities. In the first nine months (April-December) of the current financial year, GST collection reached Rs 16.33 lakh crore with a strong growth of 9.09 per cent year-on-year. The collection in the same period of 2023-24 was Rs 14.97 lakh crore.
According to the government’s data released on Wednesday, the average monthly GST collection also increased to more than 1.81 lakh crore in the first nine months of the current financial year. The average monthly tax collection in the first nine months of 2023-24 was 1.66 lakh crore.
According to the data, GST collection from domestic transactions increased by 8.4 per cent to 1.32 lakh crore in December. Tax revenue from imports also stood at 44,268 crore, an increase of four per cent. Refunds totaling 22,490 crore were issued last month, an increase of 31 per cent. On this basis, net GST collection stood at 1.54 lakh crore, an increase of 3.3 per cent.
UPI: Record 16.73 billion transactions worth 23.25 lakh crore
UPI transactions rose 8.07 percent on a monthly basis in terms of numbers to a new high of 16.73 billion in December, 2024. There were a total of 15.48 billion UPI transactions in November, 2024. UPI transactions totaled Rs 23.25 lakh crore last month in value terms, up 8 per cent from Rs 21.55 lakh crore in November. According to National Payments Corporation of India (NPCI) data, there were a total of 172 billion transactions worth Rs 247 lakh crore during the entire year in 2024. This is 35 percent higher in value terms and 46 percent higher in number than in 2023.
A total of 44.1 crore transactions worth Rs 6.02 lakh crore took place in December through Immediate Payment Services (IMPS). This is up 8 per cent on a monthly basis in terms of value and numbers. There were 40.8 crore IMPS transactions worth Rs 5.58 lakh crore in November.
38.2 crore transactions took place last month through Fastag. That’s 6 percent more than November’s 35.9 crore. In value terms, Fastag transactions increased by 9 per cent from 6,070 crore in November to Rs 6,642 crore.
The number of Aadhaar based transactions increased marginally by one per cent to 9.3 crore on a monthly basis. Base based transactions totaled Rs 24,020 crore in value terms.
Petrol-diesel: Holiday trips boost sales by 9.8 percent
Sales of petrol and diesel saw a rise of up to 9.8 per cent in December, with large numbers of people travelling on the occasion of Christmas and New Year. Petrol sales rose 9.8 per cent year-on-year to 29.9 lakh tones last month, according to preliminary data from state-run petroleum companies. Diesel sales rose 4.9 percent to 70.7 lakh tones. Diesel sales in November had increased after several months of slowdown. On a monthly basis, however, petrol and diesel sales were down by 3.6 per cent. December is the second consecutive month when the sales of petrol and diesel have increased. In November, petrol sales had increased by 8.3 per cent and diesel by 5.9 per cent. Aviation fuel (ATF) sales rose 6.8 per cent year-on-year to 6,96,400 tons. Demand for LPG, the cooking gas, stood at 28.7 lakh, up 5.2 per cent year-on-year.
