December GST collections up by 15 percent
According to a government announcement, India’s goods and services tax receipts increased 15% year over year in December to Rs 1.49 lakh crore ($18.07 billion), suggesting robust economic activity throughout the holiday season. In November, revenue from goods and services taxes totaled Rs. 1.46 lakh crore.
GST collections in December up by 15 percent: Key Points
- The total amount of GST revenue collected in December 2022 was Rs 1,49,507 crore, of which the CGST portion was Rs 26,711 crore, the SGST portion was Rs 33,357 crore, the IGST portion was Rs 78,434 crore (including Rs 40,263 crore from the collection of GST on goods imported), and the Cess portion was Rs 11,005 crore (including Rs 850 crore collected on import of goods).
- The government made a regular settlement of Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST.
- After monthly payments in the month of December 2022, the combined income for the Centre and the States is Rs 63,380 crore for the CGST and Rs 64,451 crore for the SGST.
GST collections increases to Rs 1.49 lakh cr
According to a statement from the Finance Ministry, revenue from imports of products was 8% higher during the month and revenue from domestic transactions, including imports of services, was 18% greater than it was during the same month the previous year. 7.9 crore e-way bills were produced in November 2022, a number that was much higher than the 7.6 crore produced in October 2022.
GST Council: Important Takeaways
- The GST Council is generally chaired by the Union Finance Minister. Thus, currently, Smt. Nirmala Sitharaman is the chairperson of the GST Council.
- The Constitution (One Hundred and First Amendment), Act of 2016, or Article 279A (1) of the modified Indian Constitution was followed in the formation of the GST Council.
- GST Council was established by the Indian President on September 12, 2016, sixty days after Article 279A became effective.