For the first time since April, Goods and Services Tax (GST) collection for a single month has crossed Rs 1 trillion.
"GST collections for October 2018 have crossed Rs. 1 lakh crore (1 trillion). The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities," Finance Minister Arun Jaitley said in a tweet.
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.
— Arun Jaitley (@arunjaitley) November 1, 2018
After it touched the one trillion mark for first time in April 2018, GST collections had missed the target for five straight months.
The collections stood at Rs 940.16 billion in May, Rs 956.10 billion in June, Rs 964.83 billion in July, Rs 939.60 billion in August and Rs 944.42 billion in September.
The Finance Ministry had targeted monthly GST collections to be Rs 1 trillion for this fiscal.
GST rate cut on a range of products from July 27 likely to have resulted in the subdued numbers.