Ahead of festive season, GST collections cross Rs 1 lakh crore in October

Ahead of festive season, GST collections cross Rs 1 lakh crore in October

Ahead of the festive season, the Goods and Service Tax collections have crossed Rs 1 lakh crore mark in October.

Finance Minister Arun Jaitley said, “GST collections for October 2018 have crossed Rs 1 lakh crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities.”

The revenue from GST was Rs 94,442 crore in September. The collections stood at Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July and Rs 93,960 crore in August.

GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April and since then it has remained above the Rs 90,000 crore level.

The Finance Ministry had targeted monthly GST collections to be Rs 1 lakh crore for this fiscal.

The Goods and Services Tax was rolled out on July 1 last year, in an effort to subsume multiple indirect taxes with a single comprehensive tax.


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Source: Business Today

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