Economy

At ₹95,480 crore, Sept GST mop-up posts first y-o-y growth this fiscal

Our Bureau New Delhi | Updated on October 01, 2020 Published on October 01, 2020

The growth in collections indicate pick up in economic activity and consumption   -  Getty Images/iStockphoto

Collections in September register 4% y-o-y growth; J&K tops with 30% growth

The Finance Ministry on Thursday said that GST collection in September crossed ₹95,000 crore. This is the first time in the current fiscal, where the monthly collections showed an year-on-year growth.

Collections in 21 States and Union Territories grew during this month with Jammu & Kashmir recording the highest growth of 30 per cent. Higher collection indicates signs of economic activity and consumption picking up.

According to a Finance Ministry statement, the gross GST revenue collected in September, 2020 was ₹95,480 crore comprising CGST of ₹17,741 crore, SGST of ₹23,131 crore, IGST of ₹47,484 crore (including ₹22,442 crore collected on import of goods) and cess of ₹7,124 crore (including ₹788 crore collected on import of goods).

The revenues for September 2020 are 4 per cent higher than that of September 2019. In September 2020, revenues from import of goods were 102 per cent and the revenues from domestic transaction (including import of services) were 105 per cent of the revenues from these sources during the same month last year.

The government has settled ₹21,260 crore to CGST and ₹16,997 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and State governments after regular settlement in September 2020 is ₹39,001 crore for CGST and ₹40,128 crore for the SGST. 

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Published on October 01, 2020
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