The revenues for December are 13% higher than the same month last year and 26% higher than the GST revenues in December 2019, according to data released by the finance ministry.
During the month, revenues from import of goods was 36% higher and revenues from domestic transactions (including import of services) are 5% higher than the revenues from these sources during the same month last year.
The gross GST revenue collected in December totalled 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).
“Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure. It is expected that the positive trend in the revenues will continue in the last quarter as well,” according to the finance ministry.
The GST collection in the month is close to Rs 1.30 lakh crore despite reduction of 17% in the number of e-way bills generated in November (6.1 crore) as compared to 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.
“GST collections for Dec 2021 are certainly impressive in absolute terms as well as the year-on-year growth, given the sequential drop in GST e-way bills that had been seen during the festive month of Nov 2021,” said Aditi Nayar, chief economist at ratings agency ICRA.