GST collections cross Rs 1 lakh crore in January: Finance Ministry
GST collections have jumped to Rs 1 lakh crore in January this year from the Rs 94,726 crore collected in December last year, Finance Ministry said today. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year. Final figures and details of collections for the entire month will be intimated on February 2, the ministry said in a statement.
"This increase has been achieved despite various Tax Relief measures implemented by the GST Council to lower the tax burden on the consumers," the finance ministry said in a tweet.
This is only the second time when the collections have crossed Rs 1 lakh crore in this fiscal. 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.
The government has set a budgetary target of over Rs 1 lakh crore monthly average collection in FY 2019.
GST Council in its December 22 meeting decided to cut tax on 17 items and six services including computer monitors, TV screens, video games, lithium-ion power banks, retreaded tyres, wheelchairs and cinema tickets.
Source :- Economictimes.indiatimes.com