GST revenue collection crosses Rs 1.17 crore in September

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The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore. Of the total, Rs 20,578 crore is CGST, Rs 26,767 crore is SGST, Rs 60,911 crore is IGST (including Rs 29,555 crore collected on import of goods). The cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods). The revenues for the month of September 2021 are 23% higher than the GST revenues in the same month last year.

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 the month of September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST.

During the month, revenues from import of goods were 30% higher and the revenues from domestic transactions (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 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% 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. 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

Centre had also released GST compensation of Rs. 22,000 crore to states to meet their GST revenue gap.

GST set for a makeover

Two ministerial teams are working on tax rates, slabs, a list of exemptions, and the use of technology to improve compliance under India’s goods and services tax (GST) regime, which is due to undergo its first significant structural change.

The two panels were formed last week by the government, with one led by Karnataka chief minister Basavraj Bommai and the other by Maharashtra deputy chief minister Ajit Pawar.

(With inputs from Press Information Bureau)