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, Jaitley tweeted.
The Finance Ministry had targeted monthly GST collections to be Rs 1 lakh crore for this fiscal.
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 94,016 crore in May 18,
Rs 95,610 crore in June 18,
Rs 96,483 crore in July 18,
Rs 93,960 crore in August 18
Rs 94,442 crore in September 18 .
Earlier Gross GST revenue in April 2018 stood at Rs 1.03 lakh crore, the finance ministry said in a statement, against a monthly average of Rs 90,000 crore in the July-March period. April 2018 collections are for the month of March 2018 .
The Nikkei India Manufacturing Purchasing Managers’ Index strengthened from 52.2 in September to 53.1 in October as new orders and production increased at the quickest rate in four months says Financial Experts .