GST Collections at 3-Month Low in December Amid Slower Consumption
December recorded the lowest gross Goods and Services Tax (GST) collection of Rs 1.76 lakh crore in three months, according to official data. However, it spiked to 7.3 per cent from the previous year in the same period, slowing from an 8.5 per cent year-on-year increase in November.
This came amid a jump in refunds and a slowdown in consumption. The Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated GST at Rs 47,783 crore and Cess at Rs 11,471 crore, according to government data released on Wednesday. In December last year, GST collection stood at Rs 1.65 lakh crore.
As per the data, one of the factors that contributed to the lower net collection is that the authorities gave Rs 22,490 crore of tax refunds in December, a 45.3 per cent higher than the refunds issued during last year's same period.
During this financial year, GST of Rs 16.33 crore has been collected prior to refunds, registering a 9.1 per cent annual surge. After refunds, GST revenue receipts in the first nine months of the fiscal stood at Rs 14.4 lakh crore, showing an 8.6 per cent annual growth.
