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01
November 2018
 |
GST
(The Total Investment & Insurance Solutions)
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.
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.
Abhishek Jain, tax partner, EY, said the thrust in collections and its
alignment to the forecasted numbers were quite a welcome one and added 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.The Total Investment & Insurance
Solutions
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