GST Revenue collection for Sept at over Rs 1.17 lakh cr

India's gross GST revenue collection remained above Rs 1 lakh crore for the third consecutive month, clocking Rs 1,17,010 crore in September 2021, on account of pickup in economic activity post the second wave of the COVID-19 pandemic. 
 
"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 finance ministry said in a statement. 

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The government has settled Rs 28,812 crore to CGST (Central Goods and Services Tax) and Rs 24,140 crore to SGST (State Goods and Services Tax ) from IGST (Integrated Goods and Services Tax) as regular settlement. The total revenue of Centre and the states after regular settlements in the month of September 2021 stand at Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST, the statement read further. 

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

"During the month, revenues from import of goods were 30% higher and the revenues from domestic transaction (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 ministry noted. 

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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," the ministry stated. 

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