Goods And Service Tax - GST collection crosses Rs 1 trillion in October 2018

Buoyed by a pick-up in consumption demand during the festival season, collections from the goods and services tax crossed Rs 1 trillion in October 2018

The pick-up in collections will provide respite to a government struggling to meet its fiscal deficit target.

After collections in April crossed Rs 1 trillion thanks to spillover tax payments for the second year, this is the second month of this fiscal year that collections have crossed Rs 1 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 was Rs 1.007 trillion, of which Central GST was Rs 16,464 crore, state GST was Rs 22,826 crore, integrated GST was Rs. 53,419 crore and cess was Rs. 8,000 crore.
In September, GST collections were at Rs 94,442 crore.