GST Assortment In December Rise To Rs 1.5 Crore Increase 15 Per Cent Yr-on-Yr

The Goods and Services Tax (GST) assortment for December month rose to Rs 1.5 lakh crore, the finance ministry stated on January 1. The GST collections for December have been up 15.2 per cent in comparison with December 2021, which was Rs 1.46 lakh crore. 

December GST assortment was 2.5 per cent increased than final 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 launch stated that the gross GST income collected throughout 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 (together with Rs 40,263 crore collected on import of products) and cess is Rs 11,005 crore (together with Rs 850 crore collected on import of products). The Government settled Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST as common settlement. 

The whole income of the Centre and the States after common settlements within the month of December 2022 is Rs 63,380 crore for CGST and Rs 64,451 crore for the SGST, the finance ministry stated.  

“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 stated. 

It additionally reported that in November 2022, 7.9 crore e-way payments have been generated, in comparison with 7.6 crore e-way payments generated within the previous month. 

In December, solely 11 states and Union Territories (UTs) noticed their GST collections develop by below 14 per cent. The states and UTs which noticed sub-14 per cent development have been: 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).