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India’s Goods and Services Tax (GST) revenue is set to rise to nearly ₹1.5 lakh crore in December 2022, up 2.5% from November’s collections and 15% over December 2021.
Revenue from import of goods was higher by 8% while revenue from domestic transactions (including import of services) was higher by 18% as compared to revenue from these sources during December 2021.
This is the tenth consecutive month that GST collections have crossed the ₹1.4 lakh crore mark.
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. crore (including ₹850 crore collected on import of goods), the finance ministry said in a statement.
Government has settled Rs 36,669 crore in CGST and Rs 31,094 crore in SGST from IGST as regular settlement. The total revenue for the Center and the States after the regular settlement in December 2022 is Rs 63,380 crore for CGST and Rs 64,451 crore for SGST.
On a sequential basis, while the revenue grew by 2.5% from November to December 2022, the number of e-way bills increased by 3.95% to 7.9 crore in December.
While revenue from domestic transactions grew 18% overall, a dozen states reported higher growth in tax collections and 13 states reported slower growth. Goa, Odisha and Manipur reported contraction in revenue of 22%, 6% and 5% respectively, while Chhattisgarh’s revenue was flat year-on-year.