GST revenue collection in September up for 23% y-o-y at Rs1,17,010 cr
01 Oct 2021
Gross revenue collected by way of Goods and Services Tax in September 2021 stood at Rs1,17,010 crore, which is higher than the Rs1,12,020 crore collected in August 2021 and 23 per cent higher than the GST revenue collected in the same month last year.
The Rs1,17,010 crore revenue collected in September 2021 included Central GST of Rs20,578 crore, State GST of Rs26,767 crore, IGST of Rs60,911 crore (including Rs29,555 crore collected on import of goods) and cess of Rs8,754 crore (including Rs623 crore collected on import of goods).
The government has settled Rs28,812 crore to CGST and Rs24,140 crore to SGST from IGST as regular settlement. The total revenue of the centre and the states after regular settlements in September 2021 consists of Rs49,390 crore of CGST and Rs50,907 crore of SGST.
Revenues for September 2021 are 23 per cent higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 30 per cent higher and revenue from domestic transaction (including import of services) is 20 per cent higher than the revenues from these sources during the same month last year. The revenue for September 2020, in itself showed a growth of 4 per cent over the revenue of September 2019 of Rs91,916 crore.
The average monthly gross GST collection for the second quarter of the current year stands at Rs1.15 lakh crore, which is 5 per cent higher than the average monthly collection of Rs1.10 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 bills 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 centre had also released GST compensation of Rs22,000 crore to states to meet their GST revenue gap.