December GST Collection Rises To Rs 1.5 Lakh Crore, Records 15% Growth Over 2021

The GST collections for December were up 15.2 per cent compared to December 2021, which was Rs 1.46 lakh crore.

In November, Gross GST collections stood at Rs 1.46 lakh crore. ( Image Source :Canva )

The Goods and Services Tax (GST) collection for December month rose to Rs 1.5 lakh crore, the finance ministry said on January 1. The GST collections for December were up 15.2 per cent compared to December 2021, which was Rs 1.46 lakh crore. 

December GST collection was 2.5 per cent higher than last month. In November, Gross GST collections stood at Rs 1.46 lakh crore. GST collections have now exceeded the Rs 1.4-lakh crore mark for 10 months in a row.

The Ministry of Finance in its press release said that the gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which Central Goods and Service Tax (CGST) is Rs 26,711 crore, State Goods and Service Tax (SGST) is Rs 33,357 crore. 

It added that Integrated Goods and Services Tax (IGST) is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods). The Government settled Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST as regular settlement. 

The total revenue of the Centre and the States after regular settlements in the month of December 2022 is Rs 63,380 crore for CGST and Rs 64,451 crore for the SGST, the finance ministry said.  

“During the month, revenues from the import of goods was 8 per cent higher and the revenues from domestic transaction (including import of services) are 18 per cent higher than the revenues from these sources during the same month last year,” the ministry said. 

It also reported that in November 2022, 7.9 crore e-way bills were generated, compared to 7.6 crore e-way bills generated in the preceding month. 

In December, only 11 states and Union Territories (UTs) saw their GST collections grow by under 14 per cent. The states and UTs which saw sub-14 per cent growth were: Himachal Pradesh (7 per cent), Punjab (10 per cent), Manipur (-5 per cent), Assam (13 per cent), Odisha (-6 per cent), Chhattisgarh (0 per cent), Daman and Diu (-86 per cent), Goa (-22 per cent), Lakshadweep (-36 per cent), Andaman and Nicobar Islands (-19 per cent), and Telangana (11 per cent).