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GST Revenue For December Reverses Downward Trend To Hit Three Month High Of Rs 86,703 Crore
Union Finance Minister Arun Jaitley. (Vipin Kumar/Hindustan Times via Getty Images)
The Finance Ministry has announced that the Goods and Services Tax (GST) revenue collection for December, tallied till 24 January, stood at Rs 86,703 crore, reversing the downward trend being experienced till last month.
The GST collections for October and November 2017 stood at Rs 83,346 and Rs 80,808 respectively after a high of Rs 92,150 in September last year.
December marks the first full month after GST rates on several items were reduced by the Finance Ministry, as reported by MoneyControl.
M S Mani, Senior Director, Deloitte India said “A combination of reasonable rates and easier compliance processes during December would also have contributed to the improvement in collections. The December collections could become the much needed tipping point in the GST history. With several other measures such as the e-way bill lined up, the collections would only increase in future, removing fears of an increase in the fiscal deficit .”
The Finance Ministry also said that a total of 1 crore taxpayers have been registered in the GST system till 24 January.
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