Festive season collections buoys October GST collection to Rs 1 lakh crore

Last Updated: Thu, Nov 01, 2018 18:53 hrs
Arun Jaitley (Image Courtesy: PTI)

Finance Minister Arun Jaitley tweeted that the tax collections in the country crossed by Rs 1 lakh crore for the month of October.

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.

Tax collection for the month of September stood at Rs 94,442 crore. The rise has been attributed to a pick-up in consumption demand during the festival season.

Arun Jaitley took to twitter saying, "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."

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

This is the second month of this fiscal year that collections have crossed Rs 1 trillion. Collections in April crossed Rs 1 trillion thanks to spillover tax payments for the second year.

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