GST/IGST Collection and Compensation Details for 2024

Government of India, through the Ministry of Finance, recently addressed a Rajya Sabha Unstarred Question on the collection of GST and IGST over the past five years. The question was raised by Smt. Jebi Mather Hisham and was answered by Shri Pankaj Chaudhary, Minister of State in the Ministry of Finance. The detailed data for GST/IGST collections over the last five fiscal years, including the net GST collected after refunds, has been provided, highlighting a steady increase in revenues from 2020 to 2024. Furthermore, the government also outlined the distribution of GST compensation to various states from 2017 to 2023, with the highest compensation released to states like Gujarat, Maharashtra, and Karnataka. Additionally, the matter of GST on health and life insurance policies was discussed in the 54th GST Council meeting. The Council recommended the formation of a Group of Ministers (GoM) to explore issues related to GST on life and health insurance policies, including the potential introduction of GST rate exemptions for certain health insurance premiums.

Government of India
Ministry of Finance
Department of Revenue

RAJYA SABHA
UN-STARRED QUESTION NO. 894
TO BE ANSWERED ON TUESDAY, DECEMBER 03, 2024 /12 AGRAHAYANA, 1946 (SAKA)

COLLECTION OF GST/IGST

894: Smt. Jebi Mather Hisham:

Will the Minister of FINANCE be pleased to state:

(a) the details of GST/IGST collection over the past five years;

(b) the amount given to each State in terms of GST compensation; and

(c) whether health insurance schemes will be excluded from the ambit of GST, if so, upto which premium limit the GST will be excluded?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)

(a): The details of GST/IGST collection over the past five years are attached as per Annexure A.

(b): The details of the amount given to each State in terms of GST compensation are attached as per Annexure B.

(c): The GST rates and exemptions are notified on the basis of recommendations of GST Council, which is a constitutional body comprising of members from both the Union and State/UT Governments.

The issue of GST on life and health insurance policies was placed before the GST Council in its 54^th Meeting held on 9^th September, 2024 at New Delhi. After detailed deliberations, GST Council recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance, including suggesting rate of GST on health insurance.

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Annexure A

GST Collection during the last five Financial Years

(In Rs. Crores)

Annexure B

Details of GST Compensation released

(Rs. in Crore)