GST collection crosses Rs 1 lakh crore mark again after 6 months; here’s what Jaitley says

By: | Updated: November 1, 2018 1:57 PM

The Goods and Services Tax (GST) collection for the month of October crossed Rs 1 lakh crore mark.

The Goods and Services Tax (GST) collection for the month of October crossed Rs 1 lakh crore mark The Goods and Services Tax (GST) collection for the month of October crossed Rs 1 lakh crore mark

The Goods and Services Tax (GST) collection for the month of October crossed Rs 1 lakh crore mark after missing the target for five months. Finance Minister Arun Jaitley in a tweet on Thursday informed that the GST collection for the months of October has topped Rs 1 lakh crore on the back of lower tax rates, lesser evasion, higher compliance among others.

“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,” Jaitley said in a tweet.

Earlier, GST collection in April was over Rs 1 lakh crore, mainly due to year-end accruals. The average GST collection for the first six months was around Rs 96,283 crore, below the Rs 1 lakh crore target. In September, the collection was Rs 94,442 crore.

“It appears that GST collections have turned the tide and the increased collections would be on account of the stabilisation of GST processes and the anti-evasion measures taken. The fact that September heralds the festive season has also helped in improving collections,” MS Mani, Partner, Deloitte India told FE Online.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition