GST revenue crosses ₹1L-crore mark in October 2018

The gross GST revenue collected in October crossed the Rs 1-lakh-crore mark, which analysts attributed to the impact of festival demand and improving compliance, bringing relief for the government.

Data showed receipts in October totalled Rs.1,00,710 crore, of which CGST is Rs.16,464 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). This is the second month after April when revenues have inched past the Rs.1-lakh-crore mark.

Officials have been predicting that revenues will start picking up around September-–November period, the festival season, and were hopeful that they will settle down at a comfortable level as compliance improves.

“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,” tax experts said.

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