Economy

GST collections for October likely to be around Rs 97,000 crore

Updated : November 30, 2018 06:40 AM IST

The sources said that about 67 lakh businesses filed their returns in October, taking the total collection to Rs 97,000 crore.

According to the sources, the reason for a correction in the numbers is a combination of two major factors- cooling-off of festival sales and strengthening of rupee and declining oil prices.

The goods and services tax (GST) collections for October, the data of which is recorded in November, are likely to be recorded below the Rs 1 lakh crore mark, sources told CNBC-TV18.

The sources said that about 67 lakh businesses filed their returns in October, taking the total collection to Rs 97,000 crore.

According to the sources, the reason for a correction in the numbers is a combination of two major factors- cooling-off of festival sales and strengthening of rupee and declining oil prices.

“A correction in rupee and the declining oil prices together have an impact on the overall import bill and thus registers an ripple effect in our GST collections from imports,” explained the sources.

The collections for September, which are recorded in October, crossed Rs 1 lakh crore mark on the back of festive demand, anti-evasion measures. The finance ministry had said that 67.45 lakh businesses had filed returns in September and deposited Rs 1,00,710 crore as taxes. This was the second time when the collections crossed the mark.

In March, it had crossed the Rs 1 lakh crore mark for the first time, with the total collection being Rs 103,000 crore. However, since then, the collections have remained in the range of Rs 90,000-96000 crore.

The collections stood at Rs 94,016 crore for April, Rs 95,610 crore for May, Rs 96,483 crore for June, Rs 93,960 crore for July and Rs 94,442 crore for August.

GST collections for October likely to be around Rs 97,000 crore

You May Also Like

Coronavirus News October 27 Highlights: No change in November unlock guidelines; India fatality rate drops to 1.5%

Closing Bell: Market gains over 1%, Nifty ends above 11,800; Kotak Mahindra Bank settles 12% higher

October GST collections may cross Rs 1 lakh crore mark

Trending on CNBC-TV18

recommended for you