GST Collection for Sept Over 1.17 Lakh Crore; Economy Recovering Fast, Says Govt

The gross GST revenue collected in September stood at Rs 1,17,010 crore, a growth of 23 per cent from last year.

A special borrowing window has been put in place by the Government of India for the amount of shortfall arising out of GST implementation.

(Photo: IANS)

The GST collection of the government has maintained its momentum this fiscal year despite disruption due to COVID, as a pick up in the economic recovery is shoring up corporate earnings.

The gross GST revenue collected in September stood at Rs 1,17,010 crore, a growth of 23 percent over the same month last year. It is also higher than last month's collection of Rs 1,12,020 crore.

According to the latest figures furthered in a finance ministry statement, out of this GST 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 the import of goods).

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The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlements in September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST.

During the month, revenues from the import of goods were 30 percent higher and the revenues from domestic transactions (including import of services) were 20 percent 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 percent over the revenue of September 2019 of Rs 91,916 crore.

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

This clearly indicates that the economy is recovering at a fast pace, the finance ministry said.

Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections, the statement added.

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 Rs 22,000 crore to states to meet their GST revenue gap.