GST: Collections from the Goods and Services Tax (GST) grew by 15 per cent to over Rs 1.49 lakh crore in December 2022, indicating a recovery in manufacturing output and consumption demand apart from better compliance.
This is the 10th consecutive month that the revenue has remained above the Rs 1.4 lakh crore mark. The collection in November was around Rs 1.46 lakh crore.
“Gross GST revenue during December 2022 is Rs 1,49,507 crore, including CGST Rs 26,711 crore, SGST Rs 33,357 crore, IGST Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess Rs 11,005 crore (goods 850 crore collected on imports of Rs.),” the ministry said in a statement.
The December 2022 revenue is 15 per cent higher than the GST collection in the same month last year, which itself was close to Rs 1.30 lakh crore.
During the month, revenue from import of goods was 8 percent higher, and revenue from domestic transactions (including import of services) was 18 percent higher than revenue from these sources during 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 bills generated in October 2022.
MS Mani, partner, Deloitte India, said, “GST revenue from domestic transactions witnessed an 18 per cent increase in generation of e-way bills and a significant increase in GST collections by major producing and consuming states, a consistent sign.” manufacturing and consumption cycles in recent months”.
NA Shah Associates Partner Parag Mehta said that tax authorities have been able to track down tax evaders/non-compliances with the help of a robust GSTN platform.
“In general, the trend also shows higher collections in the last 3-4 months due to the department being more aggressive and the business trying to achieve its budgetary targets,” Mehta said.
KPMG Partner Indirect Tax Abhishek Jain said that even after the peak festive sales are over, monthly collections of Rs 1.5 lakh crore seem to be the new normal.
The revenue from GST touched a record level of about Rs 1.68 lakh crore in April. In May, the collection was around Rs 1.41 lakh crore, June (Rs 1.45 lakh crore), July (Rs 1.49 lakh crore), August (Rs 1.44 lakh crore), September (Rs 1.48 lakh crore), October (Rs 1.52 lakh crore) . ), November (Rs 1)
46 lakh crore) and December (Rs 1.49 lakh crore).
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