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Finance Ministry on Friday reported collection from Goods & Services Tax (GST) in the month of September at ₹ 1.17 lakh crore. This is 23 per cent higher than collection from same month in last fiscal and 4 per cent higher than September of 2019.
“The average monthly gross GST collection for the second quarter of the current year has been ₹ 1.15 lakh crore, which is 5 per cent higher than the average monthly collection of ₹ 1.10 lakh crore in the first quarter of the year,” the Ministry said in a statement.
Govt eyeing ₹1.15 lakh cr monthly GST mop-up: Revenue Secretary
According to the Ministry, this clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. “It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues,” the Ministry said.
During the month under review, revenues from import of goods was 30 per cent higher and the revenues from domestic transaction (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year. Centre had also released GST compensation of ₹. 22,000 crore to States to meet their GST revenue gap.
The gross GST revenue collected in the month of September is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods).
The government has settled ₹ 28,812 crore to CGST and ₹ 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2021 is ₹ 49,390 crore for CGST and ₹ 50,907 crore for the SGST.
GST mop-up in Aug crosses ₹1.12-lakh crore
Commenting on the collection, M S Manim Senior Director with Deloitte India said that the GST collection figures indicate that growth of the economy is leading to stable collections, which would help in achieving the fiscal deficit target of 6.8 per cent of GDP. Most of the key manufacturing states reporting a growth of 20 per cent plus compared to last year does indicate that an economic revival is clearly in progress across key states.
“The significant increase in GST collections both from import and domestic transactions compared to the same period last year and the marked increase in the collections in key states indicates an acceleration in business activities that are spread across states," he said.
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