GST collections in September rise to near pre-Covid levels; revenue from these two areas shoot up

GST collections in September rise to near pre-Covid levels; revenue from these two areas shoot up

GST, goods and services tax, gst collection, cgst, sgst, igstThe GST collections in September 2020 is 4 per cent higher than the same month last year.

GST collections in the month of September showed a strong sign of recovery after subdued collections in the previous months. The government collected Rs 95,480 crore as gross GST revenue in the month, according to the Ministry of Finance. The GST revenue for the month is 4 per cent higher than the same month last year. During September, the revenues from the import of goods were 102 per cent and the revenues from the domestic transaction were 105 per cent of the revenues from these sources during the same month last year. 

Out of the total collections, CGST is Rs 17,741 crore, SGST is Rs 23,131 crore, IGST is Rs 47,484 crore, and cess is Rs 7,124 crore. Also, the government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement. Overall, the total revenue earned by the central government and the state governments after regular settlement in the month is Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST.

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“The increase in the collection is an encouraging sign for the economy. The government will be relieved that the collections are approximately 4 per cent higher than the last year,” said Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. It is expected that the revenue collection should continue to improve as we approach the festive season, Rajat Bose added. 

Meanwhile, the GST collections in April was Rs 32,172 crore, Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, and Rs 86,449 crore in August. The GST collections grew 30 per cent in Jammu & Kashmir and 43 per cent in Nagaland in the month. The recovery in GST collections to near pre-Covil levels has come as a respite for the government amid low tax and non-tax revenue collections. 

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