GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
Finance Minister Piyush Goyal on Wednesday said the GST collection figure of Rs 96,483 crore is in line with the government’s target and that it is set to increase further in the coming months with rise in compliance and market demand.
“These are monsoon months during which usually the economic activity is relatively lower. We still have the busy season ahead of us. Considering that, we have a very good collections on GST,” he told reporters here.
The Finance Ministry earlier announced that the revenue collection under the Goods and Services Tax (GST) crossed the Rs 95,000 crore-mark for the second month in a row and stood at Rs 96,483 crore for the month of June (collected in July).
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Goyal said the government was expecting to see revenue buoyancy in the coming months.
“Given the buoyancy in the market that we expect after the major changes that have been carried out, we feel that compliance will improve and the market demand will increase. And our own sense is that we will not have any revenue shortfall,” he added.
Responding to a question that some companies were not passing on the benefits of the GST rate cuts announced in last month’s GST Council meeting to the end-user, Goyal said the government would take appropriate action.
“Reports suggest that many companies have started passing on the benefit of the GST rate cuts. But if any case to the contrary is brought to our notice where the benefits are not being passed on, necessary action will be taken against any such incident,” he said.
During its last meeting, the GST Council had cut rates on a range of goods including sanitary pads, small TVs, refrigerators, washing machines and many other consumer goods.
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