Economy News

GST revenues increase by 15% in December 2022: Ministry of Finance – Mintpaisa

Image used for representative purposes only.

Image used for representative purposes only. | Photo credit: PTI

India’s Goods and Services Tax (GST) revenue reached nearly ₹1.5 lakh crore in December 2022, 2.5% from November collections and 15% higher than December 2021.

Income from importing goods was 8% higher while income from domestic transactions (including importing services) was 18% higher than income from these sources in December 2021.

This is the tenth consecutive month that GST collections have crossed the ₹1.4 lakh crore mark,

Gross GST revenue collected in December 2022 is ₹1,49,507 crore, of which CGST is ₹26,711 crore, SGST is ₹33,357 crore, IGST is ₹78,434 crore (of which ₹40,263 crore collected at import of goods) and Cess is ₹11,005 crore (of which ₹850 crore collected on import of goods), the Ministry of Finance said in a statement.

“Government settled ₹36,669 crore to CGST and ₹31,094 crore to SGST from IGST as regular settlement. The total income of Center and States after regular settlements in the month of December 2022 is ₹63,380 crore for CGST and ₹64,451 crore for SGST,” he added.

On a sequential basis, while there was a 2.5% increase in revenue from November to December 2022, the number of e-way bills generated increased by 3.95% to 7.9 crore in December .

While domestic transaction revenue grew 18% overall, a dozen states recorded higher tax revenue growth and 13 states recorded slower growth rates. Goa, Odisha and Manipur saw revenue contractions of 22%, 6% and 5%, respectively, even as Chhattisgarh’s revenue was flat year-on-year.


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