GST revenues up by 15% at nearly Rs 1.50 lakh cr in December
Goods and Services Tax (GST) revenue increased by 15% to over Rs 1.49 lakh in December 2022. This is the 10th consecutive month that revenue exceeded Rs 1.4 billion. The November collection was around Rs 1.46 lakh.“The total revenue of GST collected in December 2022 was Rs.149.5 billion, of which CGST Rs.2,671.1 billion, SGST Rs.3,335.7 billion and IGST Rs.7,843.4 billion (including Rs.85 billion imposed on the importation of goods). 4,026.3 billion rupees) ),” the ministry said in a statement.
The revenue for December 2022 was 15% higher than the GST survey for the same month last year, itself at around Rs 1.30 crore.income from the import of goods. During the month, income from imports of goods increased by 8%, and income from domestic trade (including imports of services) was 18% higher than income from these sources in the same month last year. In November 2022, 7.9 crore e-way bills were generated, which was significantly higher than the 7.6 crore e-way bill issued in October 2022.Deloitte India Partner MS Mani said, ”An 18 per cent increase in the GST revenues from domestic transactions viewed with the increase in e-way bill issuance and the significant increase in GST collections by key manufacturer and consuming states, would be indicative of a sustained manufacturing and consumption cycle across recent months”. NA Shah Associates Partner Parag Mehta said the tax authorities have been able to track down tax evaders/non-compliers with the assistance of a strong GSTN platform.
