The Union Ministry of Finance on Thursday said more than Rs 1 lakh crore was collected in Goods and Services Tax revenue in January.
“The total gross GST revenue collected in the month of January, 2019, has today crossed Rs 1 lakh crore,” the ministry tweeted. “This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year.”
The ministry said this had been achieved despite the GST Council implemeting various tax-relief measures to lower the tax burden on consumers. The figures and details of collections for January would be made available on February 2, it added.
On December 22, the GST Council had announced a reduction in tax on 23 goods and services, moving six items from the 28% tax bracket to 18%, and 16 items from the 18% tax slab to the 12% and 5% brackets. As a result, movie tickets, televisions and monitor screens became cheaper.
This is the third time in the current financial year that GST collections have crossed the Rs 1 lakh crore mark, PTI reported. The mark had been previously breached in April and in October.