[India], Nov 02 (NewsVoir): The outstanding GST collections over Rs. 1 lakh crore in October 2018 are highly appreciable and indicative of the fact that GST regime is becoming simple and business-friendly, said, the President of PHD Chamber of Commerce and Industry, Rajeev Talwar in a press statement issued here today.
"The total gross GST revenue registered a growth of 6.7% at Rs. 1,00,710 crore in October 2018 from Rs. 94,442 crore in September 2018," said Rajeev Talwar.
The CGST (Central Goods and Service Tax) is Rs. 16,464 crore, SGST (State Goods and Service Tax) is Rs. 22,826 crore, IGST (Integrated Goods and Service Tax) is Rs. 53,419 crore (including Rs. 26,908 crores collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955 crores collected on imports).
"This is the second time since the launch of GST that the collections have crossed the mark of Rs. 1 lakh crore. High collections indicate that tax compliance is becoming visible. Going ahead, with the spread of awareness of GST and widening of the tax base, the tax collections will rise further," said Talwar.
Regular collections of more than Rupees Ninety thousand crores have now been crowned with a monthly collection of Rupees One lakh crore.
"This is the right juncture for the GST Council to immediately review items covered by the highest slab-rate. There is a need to rationalise rates in sectors like Housing, Construction and real estate, Tourism (Hotels and restaurants), Aviation Turbine Fuel, Air-Conditioning equipment, etc.," he said.
Talwar further said, "The increasing GST collections would help to meet fiscal prudence of the government to a certain extent in the coming times. Going ahead, India has the potential to achieve emerging market tax to GDP ratio at 22% from the current level of 17%." (NewsVoir)