GST revenue collection surges to Rs 1.29 lakh crore in December
Jan 01, 2022
New Delhi [India], January 1 : Revenue collection from Goods and Services Tax (GST) rose to Rs 1,29,780 crore in December 2021, which is 13 per cent higher than the GST revenues in the same month last year, the government data showed on Saturday.
The gross GST revenue collected in the month of December 2021 is 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 (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), the Finance Ministry said.
The Central Goods and Services Tax (CGST) is levied on intra-state supplies of both goods and services by the central government, while the State Goods and Services Tax (SGST) is levied on intra-state supplies of goods and services by the state governments. Integrated Goods and Services Tax (IGST) is levied on all inter-state supplies of goods and services.
"The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement," the Finance Ministry said.
The total revenue of the Centre and the States in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
The revenues for the month of December 2021 are 13 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in December 2019.
During the month under review revenues from import of goods was 36 per cent higher and the revenues from domestic transaction (including import of services) were 5 per cent higher than the revenues from these sources during the same month last year.
The GST collection in the month is close to Rs 1.30 lakh crore despite reduction of 17 per cent in the number of e-way bills generated in the month of November 2021 (6.1 crore) as compared to the month of October 2021 (7.4 crore) due to improved tax compliance and better tax administration by both Central and State Tax authorities.
The average monthly gross GST collection for the third quarter of the current year has been Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively.
"Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST," the Finance Ministry said in a statement.
The improvement in revenue has also been due to various rate rationalisation measures undertaken by the GST Council to correct the inverted duty structure. It is expected that the positive trend in the revenues will continue in the last quarter as well, it added.
