At Rs 1.3 lakh crore, December GST revenues stay over Rs 1 lakh crore for 6th month

NEW DELHI: Gross GST receipts stayed above the Rs 1 lakh crore mark for the sixth consecutive month in December on the again of the strengthening financial restoration and anti-evasion measures unveiled by the federal government.
The revenues for December are 13% larger than the identical month final 12 months and 26% larger than the GST revenues in December 2019, in keeping with information launched by the finance ministry.
Throughout the month, revenues from import of products was 36% larger and revenues from home transactions (together with import of providers) are 5% larger than the revenues from these sources throughout the identical month final 12 months.

The gross GST income collected in December totalled Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (together with Rs 37,527 crore collected on import of products) and cess is Rs 9,389 crore (together with Rs 614 crore collected on import of products).
“Coupled with financial restoration, anti-evasion actions, particularly motion towards pretend billers have been contributing to the improved GST. The development in income has additionally been as a consequence of varied price rationalisation measures undertaken by the Council to appropriate inverted responsibility construction. It’s anticipated that the optimistic pattern within the revenues will proceed within the final quarter as nicely,” in keeping with the finance ministry.
The GST assortment within the month is near Rs 1.30 lakh crore regardless of discount of 17% within the variety of e-way payments generated in November (6.1 crore) as in comparison with October, 2021 (7.4 crore) as a consequence of improved tax compliance and higher tax administration by each central and state tax authorities. The typical month-to-month gross GST assortment for the third quarter of the present 12 months has been Rs 1.30 lakh crore towards the common month-to-month assortment of Rs 1.10 lakh crore and Rs 1.15 lakh crore within the first and second quarters respectively.
“GST collections for Dec 2021 are definitely spectacular in absolute phrases in addition to the year-on-year development, given the sequential drop in GST e-way payments that had been seen throughout the festive month of Nov 2021,” stated Aditi Nayar, chief economist at scores company ICRA.