Over 1 crore taxpayers registered under GST, revenue collection recovers in December
The total collection of Goods and Services Tax was at Rs 86,703 crore till January 24, the Finance Ministry said.
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.
Total Revenue Collections under GST for the month of December 2017(received in December 2017/January up to 24th January,2018) has been Rs. 86,703 crores till 24th January 2018.
— Ministry of Finance (@FinMinIndia) January 25, 2018
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.
One crore taxpayers have been registered under GST so far till 24th January, 2018 of which 17.11 lakh are Composition Dealers which are required to file returns every quarter.
— Ministry of Finance (@FinMinIndia) January 25, 2018
56.30 lakh GSTR 3B returns have been filed for the month of December, 2017 till 24th January, 2018.
