Team News Riveting
New Delhi, October 1
The Goods and Services Tax (GST) revenue collections for September 2021 stood at Rs 1.17 lakh crore, sustaining the crucial mark of over Rs 1 lakh crore for the third month in a row.
The revenue collections for August 2021 were Rs 1.12 lakh crore. The collections stood at Rs 1.16 lakh crore in July and Rs 92,849 crore in June.
The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which 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 import of goods).
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.
The revenues for the month of September 2021 are 23 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30 per cent higher and the revenues from domestic transaction (including import of services) are 20 per cent 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 per cent 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 per cent 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
