GST revenues for September cross Rs 1 lakh crore mark
02 November 2018
Revenue collections under the Goods and Services Tax (GST) crossed the Rs1,00,000 crore mark in October, showing a marked improvement over the September collection (for August), which stood at Rs94,442 crore, finance minister Arun Jaitley said on Thursday.
Total gross GST revenue collected in October 2018 stood at Rs100,710 crore, comprising CGST of Rs16,464 crore, SGST of Rs22,826crore, IGST of Rs53,419 crore (including Rs26,908 crore collected on imports) and cess of Rs8,000 crore (including Rs955 crore collected on imports).
Jaitley attributed the rise in the tax mop-up to lower tax rates and higher compliance.
"GST collections for October 2018 have crossed Rs1,00,000 crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities," he said in a tweet.
The only other time the GST collections had crossed the Rs1,00,000 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".
The total number of GSTR 3B returns filed for September (up to 31 October 2018) stood at 6.75 million.
The government has transferred Rs17,490 crore to CGST and Rs15,107 crore to SGST from IGST as regular settlement. Further, Rs30,000 crore has been settled from the balance IGST available with the centre on provisional basis in the ratio of 50:50 between centre and states. The total revenue earned by central government and the state governments after regular and provisional settlement in October 2018 stood at Rs48,954 crore for CGST and Rs52,934 crore for the SGST.
Revenue collected in October 2018 of Rs100,710 crore is higher by 6.64 per cent compared to September 2018 collection of Rs94,442 crore.
States which achieved extraordinary growth in total taxes collected from the state assesses include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent).