GST collection at five-month high * 1.17 lakh crore in September * One lakh crore for the third consecutive month
Goods and Services Tax (GST) collection crossed the Rs 1 lakh crore mark in September. The Rs 1.17 lakh crore collected from these taxes is expected to hit a five-month high in April this year.
According to the data released by the Union Finance Ministry on Wednesday, the economy has recovered from the second wave of corona and tax revenue is increasing.
GST collection at five-month high
The revenue collection of the government is increasing month by month and the GST collection has increased in September as compared to August. In August, the government had raised Rs 1.12 lakh crore through GST. The finance ministry said the figure stood at Rs 1,17,010 lakh crore in September, indicating an accelerated economic cycle and increased demand. In comparison to Rs 95,480 crore received through GST in September last year, the GST collection has increased by 23 per cent this year.
GST collection in September is the highest
GST collection in September is the highest growth since April. The company had collected a record Rs 1.41 lakh crore in April. The Finance Ministry is confident that the GST revenue will be similarly strong in the coming months.
Total GST revenue of Rs 1,17,010 crore in September,
Central GST accounts for Rs 20,578 crore of the total GST revenue of Rs 1,17,010 crore in September, while the share of GST collected by states is Rs 26,767 crore. The consolidated GST is Rs 60,911 crore. A cess of Rs 8,754 crore has been collected including GST of Rs 29,555 crore on imported goods.
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The average monthly GST collection
This also includes a cess of Rs 623 crore levied on imported goods. The average monthly GST collection in the second quarter of July-September stood at 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 current financial year.
Goods and Services Tax collection in the state increased
Though the Goods and Services Tax collection in the state increased in September as compared to August, it is less than Rs 2,000 crore in July.
16,584 crore was recovered from the state in September. The recovery in August was Rs 15,175,000 crore. Although the recovery in September increased by Rs 1,500 crore over August, the recovery is less than that of July.
State had collected Rs 18,899 crore
In July, the state had collected Rs 18,899 crore. In comparison, the recovery in September is less than Rs 2,000 crore.
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The economic cycle is expected during the festive season
The economic cycle is expected to pick up during the festive season in October and November. Though the collection of Goods and Services Tax is more in the state this year as compared to last year, the need for higher tax collection has been expressed.
Maharashtra has always been the number one state in the collection of Goods and Services Tax.
Tamil Nadu was second with Rs 7,842 crore and Karnataka third with Rs 7,783 crore in September.
GST collection at five-month high- Increase in GST collection in the State; but less than July