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Festival Bonanza For Government: GST Collections Cross Rs 1 Lakh Crore Mark In October
Union Finance Minister, Arun Jaitley. (Vipin Kumar/Hindustan Times via Getty Images)
After the announcement that India, building on its performance last year, jumped 30 places in the World Bank’s ‘Ease of Doing Business Index’, the finance ministry has announced today (1 November) that GST collections for October 2018 have crossed the Rs 1 lakh crore mark.
Though GST collections increased in September to Rs 94,442 crore, falling short of the Rs. 1 lakh crore mark.
The recent announcement is in line with the expectations set by the government that teething troubles with the GST would soon be over.
“With the current trend for GST mop-up, it is expected that the monthly collections could again touch Rs 1 lakh crore around November and December,” a financial ministry had told the Press Trust of India on 2 October.
The NDA government had passed a landmark legislation implementing Goods and Services Tax in 2017 introducing a unified taxation system in the country. Prime Minister Modi had termed it ‘Good and Simple Tax’.
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