New Delhi: Finance Ministry on Friday reported collection from Goods & Services Tax (GST) in the month of September at ₹ 1.17 lakh crore. This is 23 percent higher than collection from the same month in the last fiscal and 4 percent 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 percent higher than the average monthly collection of ₹ 1.10 lakh crore in the first quarter of the year,” the Ministry said in a statement.
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 the import of goods were 30 percent higher and the revenues from the domestic transactions (including import of services) were 20 percent higher than the revenues from these sources during the same month last year. The Centre had also released GST compensation of ₹ 22,000 crores 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 crores collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crores collected on import of goods).
The government has settled ₹ 28,812 crores to CGST and ₹ 24,140 crores to SGST from IGST as regular settlement. The total revenue of the Centre and the States after regular settlements in the month of September 2021 is ₹ 49,390 crores for CGST and ₹ 50,907 crores for the SGST.