The goods and services tax (GST) collection crossed the Rs. 1 lakh crore mark for a third consecutive month. GST collections were helped by restrictions imposed by the government. In October, the government restricted the input tax credit to 20 percent of eligible credit if all invoices are uploaded by the taxpayer suppliers. In new year’s first month, the restriction to avail input tax credit has been slashed to 10 percent. The revenue from the indirect tax collection for December was Rs. 1,10,828 crores against the target of Rs. 1.15 lakh crores.
The collection for December as against January was 8.12 percent higher than the Rs. 1,02,503 crores. The collection for December: Central GST: Rs 20,944 crore, State GST: Rs. 28,224 crore, Integrated GST: Rs. 53,013 crore, and compensation cess: Rs 8,637 crore. The integrated GST settled between the states and the central government based on consumption. Central GST and State GST after the settlement were Rs. 20,944 crore and Rs. 28,224 crore respectively.
The government has collected Rs. 10.18 lakh crore in GST collection as against the target of Rs. 9.73 lakh crore a year ago. This is a 4.6 percent increase in revenue collection because the number of GST returns filed improved over the previous month. The total number of GSTR-3B filed for December stood at 83 lakh compared with 81.2 lakh filed in November and 77.83 lakh in October.
The new target has been set at Rs. 1.25 lakh crore for March as per the official memo.