GST collections surpass Rs 1 lakh crore in October

GST collections surpass Rs 1 lakh crore in October


The collections pertaining to Goods and Services Tax in October have surpassed Rs 1 lakh crore mark, said Union Finance Minister Arun Jaitley.

Reports suggest that GST in September was Rs 94,442 crore.

GSTGST tax collections crossed Rs 1 lakh crore mark was reported for the first time in April and since then it has stayed above the Rs 90,000 crore level.

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,” said the minister.

Jaitley revealed that the Finance Ministry had targeted monthly GST collections to reach Rs 1 lakh crore for this fiscal.

While the collections were reported at Rs 94,016 crore in May, it inflated to Rs 95,610 crore in June.

It then gradually inflated to Rs 96,483 crore in July, Rs 93,960 crore in August and reached Rs 94,442 crore in September.

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