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GST revenue may cross Rs 1 lakh crore mark in November, December

03 Oct 2018 Evaluate

The Finance Ministry is expecting that the Goods and Services Tax (GST) collections are likely to cross Rs 1 lakh crore mark in November and December. The Ministry is expecting higher collections on the back of festive season demand and the anti-evasion measures initiated by the revenue department. In September, the GST revenue rose to Rs 94,442 crore.

With the current trend for GST mop-up, it is expected that the monthly collections could again touch Rs 1 lakh crore around November and December. The collections during November and December 2018 would reflect the sales and purchases made during the months of October and November 2018.

The Ministry said people usually hold back their purchases till Ganesh Chaturthi, which marks the onset of festive season and fell in September this year. Besides, the revenue department's initiative to plug loopholes in the system to curb evasion too would help in raising revenue. Besides, 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.

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