The total collection of Goods and Services Tax rose in December after falling for two straight months, and was at Rs 86,703 crore till January 24, the Ministry of Finance said on Thursday. Revenue of Rs 80,808 crore was collected for November until December 25 under the new indirect tax structure.
Goods and Services Tax collections were over Rs 95,000 crore in July, over Rs 91,000 crore in August, Rs 92,150 crore in September and Rs 83,000 crore in October.
December was the sixth month since the rollout of the new indirect tax regime, which came into effect on July 1. This is India’s biggest ever tax reform, which subsumes a range of central and state taxes.
On Thursday, the Centre also said that 1 crore taxpayers had registered under GST until January 24. Of them, 17.11 lakh had availed the composition scheme.
By opting for the composition scheme, small taxpayers can avoid tedious paperwork and pay GST at a fixed rate of their turnover.