Monday, 18 October 2021

GST revenue collection ₹1.17 lac crore in September

GST revenue collection ₹1.17 lac crore in September

The total GST revenue collected in September 2021 stood at ₹1,17,010 crore, which is 23% higher than the GST revenue in the same month last year.

During the month, revenues from the import of goods were 30% higher. The income from the domestic transaction, including import of services, was 20% higher than the revenues from the sources during the same month last year. In itself, the income for September 2020 was at a growth of 4% over the pay of September 2019 of ₹ 91,916 crores.

For this September, CGST collections were ₹ 20,578 crores, SGST ₹ 26,767 crores, IGST ₹ 60,911 crores (including ₹ 29,555 crores collected on import of goods), and cess ₹ 8,754 crores (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 income of the Centre and the States after traditional payments in September 2021 is ₹ 49,390 crores for CGST and ₹ 50,907 crores for the SGST.

The average monthly gross GST collection for the current year's second quarter has been ₹ 1.15 lakh crore, which is 5% higher than the middle monthly collection of ₹ 1.10 lakh crore in the first quarter of the year.

GST revenue collection 1 17 lac crore in September 1pixabay image

Read More : GST revenue collection 1.12 trillion in August

Government said.

"This clearly specify that the economy is recovering at a quick pace. Coupled with anti-evasion activities, economic growth, especially action against fake billers have also been contributing to the enhanced GST collections. It is expected that these positive trend in the revenues will continue and the second half of the year will post higher revenues,"

The center had also released GST compensation of Rs. 22,000 crore to states to meet their GST revenue gap, a government release said.

"Collection during September 2021 majorly relates to supplies taken place in August 2021, and constant increase in collections in last five months since April 2021 indicates that the economy is recovering at a steady pace.

With GoMs on Rate Rationalization formation to rationalize tax rates and GST System Reforms to plug revenue leakages, data analytics on cards, an on-going audit by department, etc. We may see an acceleration in revenue from GST in the next half of this fiscal year and onwards," says Aditya Singhania, Partner, Singhania GST Consultancy.

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