On Thursday, The government said that GST or Goods and Services Tax collections crossed Rs. 1 lakh crore in January. The Ministry of Finance said that the increase has been attained despite various tax relief measures implemented by the GST Council to lower the tax burden on consumers. The government had earlier this month ruled out any further cuts in GST rates until revenue collections improve. The statement on monthly GST collections comes a day before the presentation of the Interim Budget in Parliament.
Ministry of Finance has taken his Twitter account to report about it and wrote as “Final figures and details of collections for the entire month will be intimated on 2nd February 2019,”.
While Before moving to the United States for medical treatment, Union Minister Arun Jaitley had announced a series of measures under GST to boost small businesses, while ruling out any more cuts under the indirect tax system until revenues improve.
However, the decision to hold rate cuts under GST was made in the backdrop of shrinking collections under the indirect tax. The Goods and Services Tax (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 and Rs. 97,637 crore in November.
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