October’s GST Collections Crossed The Rs 1 Lakh Crore Mark

November 3, 2018

In October, GST collections crossed the Rs 1 lakh crore mark. This was noted after a gap of 5 months, on the back of festive demand, anti-evasion measures, GST collection reached to this number.

On Thursday, the Finance Ministry said 67.45 lakh businesses filed goods and services tax returns in October and deposited Rs 1,00,710 crore as taxes.

It was being tweeted by the Finance Minister Arun Jaitley that 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 states which achieved “extra-ordinary growth” in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.

GST revenue had first crossed the landmark figure in April when the collections were Rs 1,03,458 crore. Since then collections have maintained above Rs 90,000 crore mark.

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.

About nehanchal

I am Nehanchal. 3 years ago, I started my career as content writer at Money classic Research. I am fascinated with this job and I feel habit of reading and writing enhances your skills. I love to write technical and health blogs. However, I am engineer turned writer and pursued graduation at Rajiv Gandhi Prodyogiki Vishwavidhyalaya.
By: nehanchal

Leave a Reply

Your email address will not be published. Required fields are marked *