GST collections cross Rs. 1 lakh crore in Oct

Goods and Services Tax (GST) revenue collections for the month of October have crossed Rs 1 lakh crore.

The total gross GST revenue collected in the month of October is Rs. 100,710 crore of which CGST is Rs. 16,464crore, SGST is Rs. 22,826 crore, IGST is Rs. 53,419 crore (including Rs. 26,908crore collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955 crore collected on imports).

The revenue has seen a leap of 6.64 percent when compared to September's collection of Rs 94,442 crore. The states which achieved extra- ordinary growth in total taxes collected from the State assesses include Kerala (44 percent), Jharkhand (20 percent), Rajasthan (14 percent) Uttarakhand (13 percent) and Maharashtra (11 percent).

The total number of GSTR 3B Returns filed for the month of September up to 31st October, 2018 is 67.45 lakh.

The government has settled Rs 17,490 crore as payment of CGST and Rs 15,107 crore to SGST from IGST as a regular settlement. Rs 30,000 crore has been settled from the balance IGST available with the Centre on a 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 the month of October is Rs 48,954 crore for CGST and Rs 52,934 crore for the SGST.

Informing about the same, Finance Minister Arun Jaitley tweeted, "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.