GST Collections Cross Rs.1 Lakh Crore in January
01, Feb 2019
Prelims level : Economy Mains level : Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
The government said that Goods and Services Tax (GST) collections crossed the Rs. 1 lakh-crore mark in January, the third month this financial year it would have done so.
- The total gross GST revenue collected in the month of January 2019 has crossed Rs. 1 lakh crore. This has been a significant improvement over collection of Rs. 94,725 crores during last month and Rs. 89,825 crores during the same month last year
- This increase has been achieved despite various tax relief measures implemented by the GST Council to lower the tax burden on the consumers,” the Ministry added. “Final figures and details of collections for the entire month will be intimated on 2nd February, 2019. This again underlines that collections are increasing steadily as compliances are getting simplified, rates are getting reduced and administration is getting sharper.
- GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October and Rs 97,637 crore in November. If the same pace is maintained, the revenue targets would be close to being achieved.
- These numbers indicate that rate reductions result in increased revenues and compliance. The government has set a budgetary target of over Rs 1 lakh crore monthly average collection in FY 2019.