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GST collections cross Rs 1 lakh crore in October

November 2, 2018

The Goods and Services Tax (GST) collections in October crossed Rs one lakh crore mark since April, primarily driven by festive demand and anti-evasion measures.

Finance Minister Arun Jaitley attributed the rise in the tax mop-up to lower tax rates and higher compliance. “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,” he tweeted.

The revenue collected in October, 2018 stood at Rs 1,00,710 crore, which is higher by 6.64 percent as compared to September, 2018 collection of Rs 94,442 crore. The total number of GSTR 3B returns filed for the month of September up to October 31, 2018 stood atis Rs 67.45 lakh.

For the total gross GST revenue collected in October, the CGST was Rs 16,464 crore, SGST  Rs 22,826 crore, IGST Rs 53,419 crore (including Rs 26,908 crore collected on imports) and the cess being Rs 8,000 crore (including Rs 955 crore collected on imports).

The states which have achieved extraordinary growth in total taxes collected include Kerala (44 percent), Jharkhand (20 percent), Rajasthan (14 percent), Uttarakhand (13 percent) and Maharashtra (11 percent), an official statement said.

The only other time the GST collections had crossed the Rs 1 lakh crore mark was in April (for the month of March) as  it was the last month of the financial year when collections are usually high.

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