The Goods and Services Tax (GST) collection has crossed Rs. 1 lakh crore again after five months in October.
Due to festive season demand in October, the GST collection rose by Rs 5,558 crore to Rs 1 lakh crore as compared to Rs 94,442 crore in September.
Earlier, it was in April when the GST collection for a single month has crossed over Rs 1 trillion.
The finance minister shared the news of GST collection on Twitter. He wrote "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."
Here is the tweet of Arun Jaitley.
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.— Arun Jaitley (@arunjaitley) November 1, 2018
The rise in the collection reveals the purchases and sales made during the month of October 2018. During the festive season, the consumers buy in bundles and retailers offer discounts to boost their sales and because of which the GST collection plunges. Higher collection of GST means higher revenues for the government.
The GST collections in past months stood at Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August and Rs 94,442 crore in September.