GST collections cross Rs 1 lakh crore in October —FM Arun Jaitley

GST collections cross Rs 1 lakh crore in October: FM Arun Jaitley

The total gross GST revenue collected in the month of October, 2018 is Rs. 100,710 crore. Union Finance Minister Arun Jaitely says, the success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities.

CGST is Rs. 16,464 crore, SGST is Rs. 22,826crore, IGST is Rs. 53,419 crore (including Rs. 26,908crore collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955crore collected on imports).

The total number of GSTR 3B Returns filed for the month of September up to 31st October, 2018 is 67.45lakh. The Government has settled Rs. 17,490 crore to CGST and Rs. 15,107 crore to SGST from IGST as regular settlement.

Further, Rs .30,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and States. 

Union Finance Minister Arun Jaitley also tweeted saying that GST collections in the month of October have crossed the Rs. 1 lakh crore mark.

The revenue from goods and services tax in September was Rs 94,442 crore. GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April and since then it has remained above the Rs 90,000 crore level.