NEW DELHI: Indicating a positive growth in the country's economy due to the strong economic activities across all sectors, the gross goods and services tax or GST collections rose 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.60 lakh-crore mark for the fourth time during the current financial year. This is also the seventh month in a row that the monthly GST mop-up came in above the Rs 1.5-lakh-crore mark, the government data showed on Sunday.
The monthly GST collections have been rising over the years. From averaging under Rs 1 lakh crore per month in 2017-18 -- its first year - collections rose rapidly after the pandemic-hit 2020-2021 to average Rs 1.51 lakh crore in 2022-23. As per the finance ministry's statement, the gross GST revenue collected in the month of September, 2023 is Rs 1,62,712 crore out of which CGST is Rs 29,818 crore, SGST is Rs 37,657 crore, IGST is Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess is Rs 11,613 crore (including Rs 881 crore collected on import of goods).
“The revenues for the month of September 2023 are 10 per cent higher than the GST revenues in the same month last year. 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 the gross GST collection has crossed Rs 1.60 lakh crore mark in FY2023-24,” said the statement.
The government, the statement said, has settled Rs 33,736 crore to CGST and Rs 27,578 crore to SGST from IGST. "The total revenue of Centre and the States in the month of September, 2023 after regular settlement is Rs 63,555 crore for CGST and Rs 65,235 crore for the SGST," it added.
The government also claimed that the gross GST collection for the first half of the FY24 ending September, 2023 is 9,92,508 crore, 11 per cent higher than the gross GST collection in the first half of FY23 of Rs 8,93,334 crore. "The average monthly gross collection in FY24 is Rs 1.65 lakh crore, which is 11 per cent higher than average monthly gross collection for first half of FY23 where it was Rs 1.49 lakh crore," it said.
