The collections from the goods and services tax (GST) grew 15 per cent to over Rs 1.49 lakh crore (trillion) in December, indicating improved manufacturing output and consumption demand, besides better compliance.
This is the 10th month in a row that the revenues have remained above the Rs 1.4 lakh crore mark. The collection in November was about Rs 1.46 lakh crore.
“The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST (central GST) is Rs 26,711 crore, SGST (state GST) is Rs 33,357 crore, IGST (integrated GST) 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 ministry said in a statement.
The revenues for December are 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, revenues from the import of goods were 8 per cent higher, and the revenues from the domestic transaction (including the import of services) are 18 per cent more than the revenues from these sources during the same month last year.
In November 2022, 7.9 crore e-way bills were generated, which were significantly higher than the 7.6 crore e-way bill issued in October 2022.
Deloitte India Partner M.S. Mani said the higher collection was indicative of a sustained manufacturing and consumption cycle across recent months.
N.A. Shah associates partner Parag Mehta said the tax authorities have been able to track down tax evaders/ non-compliers with the assistance of a strong GSTN platform.
KPMG partner indirect tax Abhishek Jain said Rs 1.5 lakh crore monthly collection seems to be the new normal even after peak festive sales are over.
Corporate tax
Corporate tax collections exceeded 3 per cent of GDP after a gap of two years in 2021-22, reflecting overall improvement in profitability of India Inc propelled by increase in demand for goods and services. However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19.
