Breaking News

You are here » Indian-Commodity  :  Economy  :  Revenue collection from GST surpasses Rs 1 lakh crore mark in January: Finance Ministry


Revenue collection from GST surpasses Rs 1 lakh crore mark in January: Finance Ministry

The Finance Ministry has said that revenue collection from Goods and Services Tax (GST) in the month of January 2019 surpassed Rs 1 lakh crore-mark, after a gap of 2 months. It noted that this has been a significant improvement over collection of Rs 94,725 crore during December 2018 and Rs 89,825 crore during the same month last year.

The ministry stated that this increase has been achieved despite various tax relief measures implemented by the GST Council to lower the tax burden on the consumers. It said that this is the third time in current fiscal that GST collections have crossed the Rs 1 lakh crore-mark. It also said that previously in April and October, the collections had surpassed this milestone. It further indicated that 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, Rs 97,637 crore in November and Rs 94,725 crore in December 2018.

The government's GST collection target is set at over Rs 13 lakh crore for the financial year 2018-19, which can be achieved if the average monthly mop up is around Rs 1 lakh crore, as compared with Rs 89,885 crore in 2017-18. Till now (April-January), the government has collected Rs 9.71 lakh crore revenue from GST.

Related News

View all news

P-notes investment jumps to Rs 78,110 crore at March-end

With positive market sentiments, the share of foreign portfolio investments (FPI) in domestic capital markets through participatory notes (P-notes) jumped to Rs 78,110 crore at the end of March. According......

India's steel demand may grow above 7% in 2019, 2020: World Steel Association

The World Steel Association in its latest report 'Short Range Outlook April 2019' has said India's steel demand is likely to grow above 7 per cent in the current year (2019) as well as next year (2020).......

India likely to receive 'near normal' monsoon in 2019: IMD

Easing concerns over farm and economic growth in the country, the India Meteorological Department (IMD) in Long Range Forecast for 2019 southwest monsoon rainfall stated that the country is likely to have......

Top News

View all news

Lupin seeks more time from commerce ministry to complete project in Indore SEZ

Lupin has sought more time from the commerce ministry to complete its project, with proposed investment of Rs 205.69 crore, in the Indore Special Economic Zone (SEZ). The company is setting up its pharma......

Tata Sponge Iron to shift its registered office to Kolkata

Tata Sponge Iron has decided to shift its registered office from Keonjhar in Odisha to Kolkata, subject to the approval of the members of the company and other regulatory authorities. The company has also......

GVK Power's arms ink pact with ADIA, NIIF

GVK Power and Infrastructure's subsidiaries -- GVK Airports Developer (GVKADL) and GVK Airport Holdings (GVKAHL) have signed a term sheet and exclusivity agreement with Abu Dhabi Investment Authority (ADIA)......