GST collections cross Rs 1 lakh crore in October

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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 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.

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

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