The outstanding GST collections over Rs. 1 lakh crore in October 2018 are highly appreciable and indicative of the fact that GST regime is becoming simple and business friendly, said Mr. Rajeev Talwar, President, PHD Chamber of Commerce and Industry in a press statement issued here today.
"The total gross GST revenue registered a growth of 6.7% at Rs. 1,00,710 crore in October 2018 from Rs. 94,442 crore in September 2018," said Mr. Rajeev Talwar.
The CGST is Rs. 16,464 crore, SGST is Rs. 22,826 crore, IGST is Rs. 53,419 crore (including Rs. 26,908 crore collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955 crore collected on imports).
"This is the second time since the launch of GST that the collections have crossed the mark of Rs. 1 lakh crore," said Mr. Talwar.
"High collections indicate that tax compliance is becoming visible", said Mr. Talwar.
"Going ahead, with the spread of awareness of GST and widening of the tax base, the tax collections will rise further," he said.
Regular collections of more than Rupees Ninety thousand crores have now been crowned with a monthly collection of Rupees One lakh crore.
"This is the right juncture for the GST Council to immediately review items covered by the highest slab-rate," said Mr. Talwar.
"There is a need to rationalise rates in sectors like Housing, Construction and real estate, Tourism (Hotels and restaurants), Aviation Turbine Fuel, Air-Conditioning equipment, etc.," he said.
"The increasing GST collections would help to meet fiscal prudence of the government to a certain extent in the coming times," said Mr. Rajeev Talwar.
"Going ahead, India has potential to achieve emerging market tax to GDP ratio at 22% from the current level of 17%," said Mr. Rajeev Talwar.
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