There are Rs 1.5 lakh cr Gross GST revenue receipts totalled in the December month, a 15% year-on-year higher showing that the demand is higher following the before time as well as the initiatives to enhance the compliance has an effect.
In the month of December, the gross GST revenues were Rs 1.49 lakh crore, and for the tenth successive month, revenues were exceeding compared to Rs 1.4 lakh cr.
In the identical month, the goods import revenue was 8% exceeds and the revenues made via domestic transactions along with the import of services were 18% more compared to the revenues made via these sources in the identical month former year. There were 7.9 cr e-way bills that were generated which were more as compared to 7.6 cr e-way bills generated in the month of October 2022.
The government is anticipating a rise in the coming months because of the effective audit and rising compliance, desiring Rs 1.5 lakh cr will become a new normal for the GST receipts. There is a rise of 2.5% month on month basis.
As a regular settlement, the government has settled Rs 36,669 crore to CGST and Rs 31,094 cr to SGST from IGST. The total revenue of the centre as well as the states post regular settlements in Dec 2022 stands at Rs 63,380 cr for CGST and Rs 64,451 cr towards SGST.
The demand is robust even inflation load is there as per the data.
The stronger economic signs help in maintaining the demand.
“An 18% increase in the GST revenues from domestic transaction viewed with the increase in e-way bill issuance and the significant increase in GST collections by key manufacturer and consuming states, would be indicative of a sustained manufacturing and consumption cycle across recent months.” the tax expert specified.
Tax experts mentioned that “The steady increase in GST collections across recent months while being reflective of the manufacturing and consumption stability across states, would also tie up with key macroeconomic indicators, which have been pointing to a good economic performance across key sectors”
Read Also: November 2022 GST Collection Crosses Rs 1.46 Lakh Crore
Various measures would be opted to fill the drawbacks and enhance the compliance that specifies the outcome during the opening of the economic activity post-pandemic has again revived consumption.
