GST mop up hits Rs 1 lakh-crore in October
This will be a relief to the government which is struggling to stick to the fiscal deficit target.
New Delhi: In a relief to the government, GST collections in October crossed Rs 1 lakh crore mark after a gap of 5 months on the back of festive demand.
This will be a relief to the government which is struggling to stick to the fiscal deficit target.
“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,” finance minister Arun Jaitley said.
The finance ministry on Thursday said 67.45 lakh businesses filed GST returns in October and deposited Rs 1,00,710 crore as taxes.
The states which achieved “extra-ordinary growth” in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.