GST collection surges 26 per cent YoY to Rs 1.47 lakh crore in September

NEW DELHI: The Goods and Services Tax (GST) collection in September increased by 26% year-on-year (YoY) to Rs 1.47 lakh crore, Finance Ministry said on Saturday. The collection increased on the back of YoY rise in imports of goods by 39% and 22% higher domestic transactions. This is the seventh month in a row when the GST collection has been more than Rs 1.4 lakh crore. 

“The growth in GST revenue till September 2022 over the same period last year is 27%, continuing to display very high buoyancy. During the month of August 2022, 7.7 crore e-way bills were generated, which was marginally higher than 7.5 crore in July 2022,” Finance ministry said in a statement.

Of the total GST of Rs 1.47 lakh crore, central GST (CGST) is Rs 25,271 crore, state GST (SGST) is Rs 31,813 crore, ntegrated GST (IGST) is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of 7goods).

The government has settled Rs 31,880 crore to CGST and Rs 27,403 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlements in the month of September stood at Rs 57,151 crore for CGST and Rs 59,216 crore for the SGST.

“GST monthly collections stabilising above Rs 1.4 lakh crore for seven months in a row would provide more headroom in the fiscal front. The collections in the next three months are expected to be even more robust due to the higher consumption expected during the festive season and the extension of the mandatory e-invoice protocol to taxpayers having turnover above Rs 10 crore from October 1,” MS Mani, Partner, Deloitte India said.