The government on Thursday said that Goods and Services Tax (GST) collections crossed the ₹1 lakh-crore mark in January, the third month this financial year it would have done so. The final figure, however, will be released on February 2, it added.
“The total gross GST revenue collected in the month of January 2019 has today crossed ₹1 lakh crore,” the Ministry of Finance tweeted on Thursday. “This has been a significant improvement over collection of ₹94,725 crore during last month and ₹89,825 crore 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.”
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Closer to target
“Crossing the ₹1 trillion figure in GST collections a day ahead of the Union Budget would provide some confidence in being able to move closer to the revenue targets,” M.S. Mani, senior director, Deloitte India, said. “The collection figures are impressive as they come on the back of rate reductions.If the same pace [of collection] is maintained, the revenue targets would be close to being achieved.”