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Press Release

Date: January 1, 2023
Subject: GST Revenue Shows Strong Growth with December 2022 Collections Rising 15 Percent
Description:

Gross Goods and Services Tax (GST) revenue collection for December 2022 stood at ₹1,49,507 crore, registering a robust year-on-year growth of 15 percent and marking the tenth consecutive month in which monthly GST collections crossed the ₹1.4 lakh crore mark. The December collections comprised ₹26,711 crore as CGST, ₹33,357 crore as SGST, ₹78,434 crore as IGST, including ₹40,263 crore from imports, and ₹11,005 crore as compensation cess. During the month, the Centre settled ₹36,669 crore to CGST and ₹31,094 crore to SGST from IGST collections, resulting in total post-settlement revenues of ₹63,380 crore for the Centre and ₹64,451 crore for the States. The growth in revenue was driven by a broad-based increase in economic activity, with GST collections from domestic transactions, including import of services, rising by 18 percent, while revenues from import of goods grew by 8 percent compared to December 2021. The strong revenue performance was also reflected in compliance indicators, with 7.9 crore e-way bills generated in November 2022, higher than the previous month. Overall, the December figures underline sustained momentum in GST collections, improved compliance, and continued resilience of the Indian economy despite global uncertainties.

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