GST collection crosses Rs 1-trillion mark in October: Arun Jaitley

New Delhi : For the first time since April, Goods and Services Tax (GST) collection for a single month has crossed Rs 1 trillion.

“GST collections for October 2018 have crossed Rs. 1 lakh crore (1 trillion). The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities,” Finance Minister Arun Jaitley said in a tweet.

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.

After it touched the one trillion mark for first time in April 2018, GST collections had missed the target for five straight months.

In September, the collection was at Rs 944 billion, up 0.5 per cent over the August figures, which stood at Rs 940 billion.

GST rate cut on a range of products from July 27 likely to have resulted in the subdued numbers.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)