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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.

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