India s fiscal deficit for April to December, or the first nine months of this fiscal year, was at 9.82 lakh crore rupees, equivalent to 55% of annual estimates, narrowing from the previous year s 59.8%. The government aims to narrow the fiscal gap to 5.9% of GDP in this financial year from 6.4% a year earlier.
GST Collections: India s Goods and Services Tax (GST) revenue has witnessed a notable upswing, reaching ₹1.72 lakh crore in January 2024, marking a significant 10.4% Year-on-Year (Y-o-Y) growth. This accomplishment represents the second-highest monthly collection ever recorded and the third instance in the fiscal year 2023-24 where collections surpassed ₹1.70 lakh crore. The cumulative gross GST collection for the ten-month period from April 2023 to January 2024 demonstrates a robust 11.6% Y-o-Y growth, totaling ₹16.69 lakh crore.
GST: India s Goods and Services Tax (GST) revenue sustained an annual increase but registered a three-month low in December. The Finance Ministry disclosed that GST collections in December stood at Rs 1.65 lakh crore, marking a 10.28 percent rise from the previous year. However, this figure was lower than both November s Rs 1.68 lakh crore and October s Rs 1.72 lakh crore, which was the second-highest collection post the GST implementation.
Budget Gap: India s fiscal deficit for April to November, or the first eight months of this fiscal year, was at 9.07 lakh crore rupees, equivalent to 50.7% of annual estimates, marginally narrowing from the previous year s X%. The government aims to narrow the fiscal gap to 5.9% of GDP in this financial year from 6.4% a year earlier.