GST receipts up by 15% YoY in December ‘22

Goods and Services Tax (GST) receipts reached INR 1.49 trillion

January 2, 2023

In November 2022, GST reached INR 1.46 trillion

Central Goods and Services Tax (CGST) was INR 26,711 crore in December 2022

State Goods and Services Tax (SGST) was INR 33,357 crore in December, last year

Integrated Goods and Services Tax (IGST) was INR 78,434 crore

India’s Goods and Services Tax (GST) receipts increased by 15% year-on-year (YoY) in December 2022 to INR 1.49 trillion ($18.07 billion), compared to INR 1.46 trillion in November 2022, according to a report from the Ministry of Finance.

Media reports said that T\the gross GST revenue collected during December 2022 was INR 1,49,507 crore, of which Central Goods and Services Tax (CGST) was INR 26,711 crore, State Goods and Services Tax (SGST) was INR 33,357 crore, Integrated Goods and Services Tax (IGST) was INR 78,434 crore (including INR 40,263 crore collected on import of goods) and Cess was INR 11,005 crore (including INR 850 crore collected on import of goods).

According to the reports, the total revenue of the Centre and the States after regular settlements in the month of December 2022 was INR 63,380 crore for CGST and INR 64,451 crore for the SGST. The reports further added that the Government settled INR 36,669 crore to CGST and INR 31,094 crore to SGST from IGST as regular settlement.

The Finance Ministry report further added that good imports in December last year were 8% higher, and the revenues from the domestic transaction (including import of services) have grown by 18% higher, compared to the same month in 2021.

The report further added that about 80 million e-way bills were generated in November 2022, higher than the 76 million bills generated in October last year.

 
Source: Economic Times

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