Buoyed by a pick-up in consumption demand throughout the festival season, collections from the products and services tax crossed Rs one trillion in October month.
GST Collection Crosses 1 Million In October Month
The pick-up in collections can offer respite to a government troubled to satisfy its business deficit target. After collections in Apr crossed Rs one trillion due to effect tax payments for the second year, this is often the second month of this twelvemonth that collections have crossed Rs one trillion.
“GST collections for October 2018 have crossed Rs 1 lakh crore. The success of the GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities,” Finance Minister Arun Jaitley wrote on micro-blogging site Twitter.
Total GST collected in October month was Rs one.007 trillion, of that Central GST, was Rs sixteen,464 crores, state GST was Rs 22,826 crore, integrated GST was Rs. 53,419 large integer and cess was Rs. 8,000 crore.
In Sep, GST collections were at Rs 94,442 crore. Abhishek Jain, tax partner, aforementioned the thrust in collections and its alignment to the forecasted numbers were quite a welcome one and add to the Diwali cheer.
“While a possible reason for an upsurge in September could be 2017-18 closing adjustments, this trend could be expected to continue with implementation of anti-evasion measures such as TDS/TCS,” he said.