New Delhi- Helped by improved compliance, GST collections increased by 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during current financial year.
Gross GST revenue collected last month was Rs 1,62,712 crore. Of this, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods).
The revenue in September 2023 was 10 per cent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, the finance ministry said in a statement on Sunday.
“During the month, the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. It is for the fourth time that gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24,” it said.
Gross GST collection in the first half (April-September) of FY24 stood at Rs 9,92,508 crore, an increase of 11 per cent from the year-ago period.
Average monthly gross collection in April-September FY24 was Rs 1.65 lakh crore, 11 per cent higher than the year-ago period, it said.
As the normal period of limitation for FY17-18 ended on September 30, some of this increased collection could be linked to businesses having settled issues with payment of taxes for the said period, KPMG Indirect Tax Head Abhishek Jain said.
While Rs 1.6 lakh crore plus seems to be the new normal, this could see a further uptick with the festive season round the corner, he said.
According to Deloitte India partner M S Mani, the September GST collections augur well for the coming months of the festive season and is in line with the other high frequency indicators which reflect an uptick in the economy.
EY Tax Partner Saurabh Agarwal said increased GST collection indicates that the economy continues to be on a stable growth trajectory and rising collections from domestic transactions is an indicator that ‘Make in India’ policies of the government have started showcasing its impact.
Consistent rise in collections in J & K, Manipur, Arunachal Pradesh and Ladakh indicate an increased consumption in these areas, Agarwal said. (PTI)