GST revenue crosses Rs. 1 lakh crore in October

GST revenue crosses Rs. 1 lakh crore in October

Courtesy : Nationalist Team04/11/2018 09:03

Higher receipts could be on stabilisation of GST processes

Goods and Services Tax (GST) collections crossed the psychological barrier of Rs. 1 lakh crore in October, coming in at Rs. 1,00,710 crore, the government announced on Thursday.

 The collections in October 2018 were 20.8% higherthan the Rs. 83,346 crore seen in October 2017.“The total gross GST revenue collected in the month of October 2018 is Rs. 1,00,710 crore, of which CGST is Rs. 16,465 crore, SGST is Rs. 22,826 crore, IGST is Rs. 53,419 crore [including Rs. 26,908 crore collected on imports] and cess is Rs. 8,000 crore [including Rs. 955 crore collected on imports],”the government said in a statement.

 April collections GST collections crossed the Rs. 1 lakh-crore mark once before in this financial year, in April, but the government had at the time said that this was not indicative of the trend as people filed tax arrears of previous months in April.

“It appears that GST collections have turned the tide and the increased collections would be on account of the stabilisation of GST processes and the anti-evasion measures taken,” M.S. Mani, partner, Deloitte India, wrote in a note.

“The fact that September heralds the festive season has also helped in improving collections.” The total number of GSTR 3B returns filed forthe month of September up to October 31, 2018 was 67.45 lakh, the government said. “The increase may be attributable to multiple factors such as stabilisation of GST compliance system, tightening of administration including e-waybill mechanism and spur in demand as festival season approaches,” Pratik Jain, partner and leader, indirect tax, PwC India said.

 “Further, September 30 was the due date for claiming the input credit forlast year(2017-18), which would have prompted larger businesses nudging their vendors to report the transactions and pay pending GST.” States which achieved strong growth in total taxes collected from State assessees include Kerala (44%), Jharkhand (20%), Rajasthan (14%) and Uttarakhand (13%), government said

 

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