GST collections for September at Rs 1.17 lakh crore

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.

GST accumulations cross Rs 1 lakh crore mark for third straight month in May to Rs 1,00,289 crore

  • 03 Jun 2019
  • GST Updates
  • Comments Off on GST accumulations cross Rs 1 lakh crore mark for third straight month in May to Rs 1,00,289 crore

India’s goods and services tax (GST) revenue accumulations crossed Rs 1 lakh crore for the third straight month in May to Rs 1,00,289 crore, in spite of slow down in the industrial activities. Be that as it may, GST mop-up in May was lower than all time high of Rs 1.13 lakh crore in the month of April, highest ever since the indirect tax regime was rolled out on July 1, 2017.

GST accumulations ascended by 6.67 percent over the income of Rs 94,016 crore detailed in May 2018. The income in May, 2019 was 2.21 percent higher than the monthly average of GST income in monetary year 2018-19 (Rs 98,114 crore), as per an information released by the Ministry of Finance.

“Out of all GST mop-up, Rs 17,811 crore was CGST, Rs 24,462 crore was SGST, IGST was Rs 49,891 crore (counting Rs 24,875 crore gathered on imports) and Cess was Rs 8,125 crore (counting Rs 953 crore gathered on imports),” the information showed.

The all out number of GSTR 3B Returns filed for the month of April up to 31st May, 2019 was 72.45 lakh, higher than 72.13 lakh in the most recent month. The GSTR-3B Form is the summary of outward supplies, input tax credit (ITC) asserted and payment of net tax.

“The government has settled Rs 18,098 crore to CGST and Rs 14,438 crore to SGST from IGST as standard settlement. The complete income earned by Central Government and the State Governments after customary settlement in the month of May, 2019 is Rs 35,909 crore for CGST and Rs 38,900 crore for the SGST,” it said.

An amount of Rs 18,934 crore has been discharged to the states as GST pay for the month of February-March, 2019, it included.

For the money related year 2019-20, the government has set a GST gathering focus of Rs 6.10 lakh crore from CGST and Rs 1.01 lakh crore as pay cess. The IGST equalization has been pegged at Rs 50,000 crore for the monetary.

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