Economy / GST collections cross ₹1 lakh crore for third month in a row

Zoom News : Oct 01, 2021, 01:59 PM
New Delhi: The gross GST revenue collected in the month of September 2021 stood at ₹1,17,010 crore, which is 23% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30% higher and the revenues from domestic transaction (including import of services) are 20% higher than the revenues from these sources during the same month last year. The revenue for September 2020 was, in itself at a growth of 4% over the revenue of September 2019 of ₹ 91,916 crore.

For this September, CGST collections were   ₹ 20,578 crore, SGST ₹ 26,767 crore, IGST ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and cess ₹ 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.

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

“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 government said.

The centre 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 clearly indicates that the economy is recovering at steady pace. With the formation of GoMs on Rate Rationalization to rationalize tax rates and GST System Reforms to plug revenue leakages, data analytics on cards, on-going audit by department, etc. we may see acceleration in revenue from GST in next half of this fiscal year and onwards," says Aditya Singhania, Partner, Singhania GST Consultancy.