GST collections for September at Rs 1.17 lakh crore

September’s goods and services tax collections totalled Rs 1.17 lakh crore, marking the third consecutive month of revenue in excess of Rs 1 lakh crore since June.

The GST revenues for September 2021 are 23% higher than the GST revenues for the same month last year.

The average monthly gross GST collection for the second quarter of the current fiscal year was Rs 1.15 lakh crore, a 5% increase over the first quarter’s average monthly collection of Rs 1.10 lakh crore.

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“This clearly indicates that the economy is rapidly recovering… The positive revenue trend is expected to continue, with higher revenues in the second half of the year “According to a statement issued by the finance ministry on Friday.

Along with economic growth, anti-evasion activities, particularly action against fake billers, have contributed to increased GST collections, according to the ministry.

Revenues from imports of goods were 30% higher during the month, and revenues from domestic transactions (including imports of services) were 20% higher than during the same month last year.

The revenue for September 2020 increased by 4% over the revenue for September 2019 of Rs 91,916 crore.

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Central GST accounts for Rs 20,578 crore, state GST accounts for Rs 26,767 crore, integrated GST accounts for Rs 60,911 crore (including Rs 29,555 crore collected on import of goods), and cess accounts for Rs 8,754 crore (including Rs 623 crore collected on import of goods).

The Centre had also released Rs 22,000 crore in GST compensation to states to help them close the GST revenue gap.