India GST Revenue: December 2022

Goods and Services Tax (GST) collections in India reached INR 1,49,507 crore for December 2022, indicating an increase from the INR 1,45,867 crore recorded in November of the same year. This collection also represents a 15% year-on-year growth. Notably, monthly GST revenues have consistently exceeded the INR 1.4 lakh crore threshold for ten consecutive months. While December’s figures showed growth, they remained slightly below the INR 1,51,718 crore collected in October 2022. For more details on previous months, refer to the GST collections for November 2022 and October 2022.

Detailed Breakdown of December 2022 GST Collections

The total GST receipts were distributed as follows: Central GST (CGST) accounted for INR 26,711 crore, State GST (SGST) for INR 33,357 crore, and Integrated GST (IGST) for INR 78,434 crore. The IGST component also encompassed INR 40,263 crore derived from taxes on imported goods. Additionally, cess collections amounted to INR 11,005 crore, with INR 850 crore specifically from imported goods, as detailed in the recent PIB report. The central government processed settlements in December 2022, allocating INR 36,669 crore to CGST and INR 31,094 crore to SGST from the IGST pool. In November 2022, INR 17,000 crore was disbursed as GST compensation to states and Union Territories. Following these routine settlements, the combined revenue for the Centre and states in December 2022 stood at INR 63,380 crore for Central GST and INR 64,451 crore for State GST.

Examination of December 2022 GST Collection Trends

December 2022 saw a significant boost in month-on-month GST collections, attributed to the annual GST return filing period and the holiday season. Domestic transactions, including service imports, experienced an 18% increase, while goods imports rose by 8%. Compared to December 2021, the GST revenue for December 2022 demonstrated a robust 15% year-on-year increase, rising from INR 1,29,780 crore. The government is actively enforcing measures to prevent fraudulent input tax credit claims and penalize delayed GST return filings, as evidenced by the CGST Rules amendments issued on December 26, 2022. Businesses are advised to oversee their vendors’ GST compliance diligently to secure timely Input Tax Credit (ITC). These ongoing efforts are expected to sustain the upward trajectory of monthly GST collections throughout the remainder of the fiscal year 2022-23.

State-wise GST Collection Figures for December 2022

The “Other Territory” category exhibited the most substantial year-on-year growth at 78%, with Ladakh following at 68%. Other regions demonstrating strong growth included Dadra and Nagar Haveli, Bihar, and Chandigarh. Maharashtra continued its lead in absolute GST collections for December 2022, reporting INR 23,598 crore, consistent with its performance in November 2022. Karnataka, Gujarat, Tamil Nadu, Haryana, and Uttar Pradesh also recorded significant collection figures. Conversely, some states and Union Territories experienced a decline in December 2022, such as Daman and Diu, Goa, Lakshadweep, Manipur, Odisha, the Andaman and Nicobar Islands, and Centre jurisdiction. The Ministry of Finance released these December 2022 GST collection statistics via a press release on the PIB on January 1, 2023.