GST collections cross Rs 1 lakh crore in October
GST collections in October have crossed the Rs 1 lakh crore mark, Finance Minister Arun Jaitley said Thursday. The revenue from goods and services tax (GST) in September was Rs 94,442 crore.
“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 tweeted.
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.— Arun Jaitley (@arunjaitley) November 1, 2018
The collections stood at Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August and Rs 94,442 crore in September.
"The government has settled Rs 17,490 crore to CGST and Rs 15,107 crore to SGST from IGST as a regular settlement. Further, Rs 30,000 crore has been settled from the balance IGST available with the Centre on a provisional basis in the ratio of 50:50 between the Centre and states," a finance ministry statement said, adding that both the Centre and states -- after regular and provisional settlements -- earned Rs 48,954 crore and Rs 52,934 crore, respectively, for October. The Finance Ministry had targeted monthly GST collections to be Rs 1 lakh crore for this fiscal.
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.