GST collections cross Rs 1 lakh crore in October

For the second time, GST collections have crossed the Rs 1 lakh crore mark, for the month of October. According to Finance Minister Arun Jaitley the revenue from goods and services tax (GST) in September was Rs 94,442 crore. GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April and since then it has remained above the Rs 90,000 crore level.

Again, 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, Jaitley tweeted. The Finance Ministry had targeted monthly GST collections to be Rs 1 lakh crore for this fiscal.

The collections 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.

Meanwhile, the country’s manufacturing sector activity improved in October, as firms scaled up production and employment levels amid strong rise in new business order flows. The Nikkei India Manufacturing Purchasing Managers’ Index strengthened from 52.2 in September to 53.1 in October as new orders and production increased at the quickest rate in four months.

This is the 15th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

 

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