October 21, 2021

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GST collection hits 5-month high in September

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GST collection hits 5-month high in September
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GST collection hits 5-month high in September
GST collection hits 5-month high in September

NEW DELHI: The government’s goods and services tax (GST) collection remained above Rs 1 lakh crore-mark for the third consecutive month in September, data released by the finance ministry showed on Friday.
The GST collections in September stood at a five-month high of Rs 1.17 lakh crore, 23 per cent higher than the collections in same period last year.
Of the total collection, CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods).
Besides, the average monthly gross GST collection for the second quarter of the current financial year has been Rs 1.15 lakh crore, 5 per cent higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter.
“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,” the finance ministry said in an official release.
The Centre expects the positive trend in revenues to continue and hopes that second half of the year will post higher revenues.
GST collection in August and July was Rs 1.12 lakh crore and Rs 1.16 lakh crore respectively.
During September, revenues from import of goods were 30 per cent higher and the revenues from domestic transactions (including import of services) were 20 per cent higher than the revenues from these sources during the same month last year.
(With inputs from agencies)

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