1: Understanding the Genesis of GST in India

- The Goods and Services Tax (GST) was legislated after the Constitutional (122nd Amendment) Bill was passed by both Houses of Parliament in 2016. Following its ratification by over 15 Indian states, the President gave his assent.

- Creation of GST marks a significant step towards a sector-wide indirect tax regime in India, replacing multiple cascading taxes imposed by both central and state governments.

2: Institutional Architecture of GST: The GST Council

- A collaborative platform, the GST Council comprises representatives from both the Central and State Governments. 

- The Council is chaired by the Union Finance Minister, and includes the Union Minister of State (Finance) along with a minister from each state who is responsible for finance, taxation, or a relevant portfolio.

- The council recommends to the Union and the states on significant GST matters such as determining the goods and services subject to or exempted from GST, and formulating GST Laws. It also plays a key role in setting different GST rate slabs.

3: Recent Developments in GST Collection: Signs of an Economic Uptick?

- December 2023 GST collections reached ₹1,64,882 crore, marking a 10.28% increase from December 2022's figure of ₹1,49,507 crore. This is the seventh consecutive month where GST collections exceeded ₹1.6-lakh crore, heralding a positive economic trend.

- Between April-December 2023, gross GST collections reached ₹14.97-lakh crore, reflecting a 12% year-on-year increase. The average monthly GST collection during this period was ₹1.66-lakh crore.

4: Dissecting the Numbers: Composition of December 2023 GST Collection

- In December 2023, the GST collection was constituted by CGST: ₹30,443 crore, SGST: ₹37,935 crore, IGST: ₹84,255 crore (including ₹41,534 crore from goods import), and Cess: ₹12,249 crore (including ₹1,079 crore from goods import)

- Post-settlements, the total revenue for the Centre and States in December reached ₹70,501 crore for CGST and ₹71,587 crore for SGST, indicating a strong fiscal performance.

5: GST Revenue Data and Indian Economy

- Latest GST revenue data, while indicating a strong fiscal performance, also shows uneven consumption growth across Indian states. This unevenness suggests potential disparities in economic recovery across different parts of the country.

- It is vital to study regional variations in economic growth for comprehensive understanding and designing targeted policies for balanced growth.

As GST increasingly becomes instrumental in India's economic machinery, continued scrutiny of revenue trends will be essential in noting economic progress and diagnosing potential areas of concern.