The total collection of Goods and Services Tax (GST) in December rose by 6.1% to Rs 1.74 lakh crore, according to data released by the Ministry of Finance on Thursday.
While the collection has gone up on a year-on-year basis, it fell slightly compared to the previous month when the figure stood at Rs 1.95 lakh crore, despite rate cuts implemented on September 22.
As per the Ministry of Finance data released on January 1, the Central GST (CGST) accounted for Rs 34,289 crore, the State GST (SGST) Rs 41,368 crore, and the Integrated GST (IGST) Rs 98,894 crore.
“The GST council’s policies have clearly translated into higher compliance and improved cash flows across sectors. These trends indicate that even post the GST 2.0 path-breaking tax rate reductions, the tax system continues to mature, demonstrating both elasticity and stability as the economy scales,” said Mahesh Jaising, Partner & Indirect Tax Leader, Deloitte India.
There has been a significant boost in the refunds, as the total refunds in November went up by 30.9% to Rs 28,980 crore. While the domestic gross GST collections grew just 1.2%, GST from imports surged nearly 20%, denoting the surge in contribution of trade-linked taxes amid stable import demand.