GST Collection Crosses 1 Lakh Crore INR For the 2nd Time During the Current FY

UNION Finance  Minister  Arun  Jaitley  under opposition parties’  fire for  alleged mismanagement of  economy, informed the  nation that  revenue collections under the Goods and Services Tax (GST) crossed the Rs 1 lakh crore mark in October. This is a marked improvement over the September GST collection (for August) which stood at Rs 94,442 crore. Jaitley claimed the rise in the tax mop-up to lower tax rates and higher compliance.”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,” Jaitley, who was instrumental in introducing the one tax for one nation, said. In a tweet, he added the only other time the GST collections had crossed the Rs 1 lakh crore mark was in April (for the month of March) when it was attributed to it being the last month of the financial year when collections are usually high “as people also try to pay arrears of some previous months”.