GST Collections of December 2022

GST collection for December 2022 is Rs.1,49,507 crore, rising from Rs.1,45,867 crore from last month. The GST collections for November 2022 had dropped compared to October 2022. Further, it has grown by 15% Year-on-Year (YoY) basis. Moreover, the monthly collections have crossed the Rs.1.4 lakh crore mark for ten months in a row.

The government had reported collection for October 2022 as Rs.1,51,718 crore, which is still higher than the GST collections for December 2022.

Break up of GST Collections for December 2022

The GST collections included Rs.26,711 crore collected towards CGST, Rs.33,357 crore towards SGST, and Rs.78,434 crore towards IGST. IGST includes Rs.40,263 crore worth of GST collected on the import of goods. 

The latest PIB report further states that the cess collections amounted to Rs.11,005 crore, including Rs.850 crore accumulated by importing goods.

The government report highlights that the Centre made a settlement of Rs.36,669 crore and Rs.31,094 crore in December 2022 towards CGST and SGST, respectively, out of the IGST collections received. 

Furthermore, it released Rs.17,000 crore towards GST compensation to the state governments and Union Territories in November 2022. The aggregate revenue of the Centre and states post the regular settlements in December 2022 works out to Rs.63,380 crore for Central GST and Rs.64,451 crore for State GST.

Analysis of the GST Collection for December 2022

The GST annual return filing and the holiday season during December 2022 pushed up the Month-on-Month GST collections by 18% for domestic transactions, including service imports, and 8% for the import of goods. 

The GST revenues for December 2022 are 15% higher than the monthly GST collections of December 2021 on a Year-on-Year (Y-o-Y) basis. The GST collection for December 2021 was Rs. 1,29,780 crore. The chart given below represents a YoY comparison of monthly GST collection.

Image credit- PIB

The Centre continues to curb unlawful input tax credit claims and put restrictions on taxpayers for late filing of GST returns. The recent GST notifications amending the CGST Rules, issued on 26th December 2022, are evidence of it. Businesses must also monitor their vendors’ GST compliance to ensure timely claim of Input Tax Credit (ITC). Hence, the monthly GST collection will continue to grow in the last few months of the current fiscal 2022-23. 

GST Collection for December 2022 State-wise

GST collection comprising ‘other territory’ recorded the highest Y-o-Y rise of 78%. It was followed by Ladakh at 68%. Dadra and Nagar Haveli, Bihar and Chandigarh followed the suit.

Just like in November 2022, Maharashtra posted the highest GST collection for December 2022 in absolute terms at Rs.23,598 crore. States like Karnataka, Gujarat, Tamil Nadu, Haryana and Uttar Pradesh have also shown impressive numbers.

On the flip side, few states and Union Territories showed degrowth in December 2022. These include Daman and Diu, Goa, Lakshadweep, Manipur, Odisha, Andaman and Nicobar Islands and Centre jurisdiction.

The GST Collections December 2022 was reported by the Finance Ministry by a press release on the PIB on 1st January 2023.