Country Gross Goods and Services Tax (GST) collections in India increased 10 per cent year-on-year to more than Rs 1.62 lakh crore in September. This is the fourth month in the current financial year, when tax collection has crossed the Rs 1.6 lakh crore mark. Gross GST revenue last month stood at Rs 1,62,712 crore. This included Central GST of Rs 29,818 crore, State GST of Rs 37,657 crore, Integrated GST of Rs 83,623 crore (including Rs 41,145 crore deposited on import of goods) and Cess of Rs 11,613 crore (including Rs 881 crore deposited on import of goods).
Record collection for the fourth time in the current financial year
The Finance Ministry said in the statement that GST collection in September, 2023 was 10 percent more than Rs 1.47 lakh crore in the same month last year. “Revenue from domestic transactions (including import of services) during the month under review was 14 per cent higher year-on-year,” the statement said. This is the fourth time in the financial year 2023-24 that the gross GST collection has crossed the figure of Rs 1.60 lakh crore. The government settled Rs 33,736 crore from IGST to CGST and Rs 27,578 crore to SGST. The total revenue of the Center and states in September after regular settlement was Rs 63,555 crore on account of CGST and Rs 65,235 crore on account of SGST. The gross GST collection for the first half of 2023-24 ending September has been (Rs 9,92,508 crore), which is 11 percent higher than the gross GST collection for the first half of 2022-23 (Rs 8,93,334 crore).
Further increase in festivals possible
Abhishek Jain, head of indirect tax at KPMG, said the normal period of limitation for financial year 2017-18 ended on September 30 and settlement of tax issues for the said period could have contributed to this increase. However, now a collection of more than Rs 1.6 lakh crore seems normal and a further increase may be seen as the festival season approaches, he said. According to MS Mani, partner, Deloitte India, September’s GST collection is a good sign for the upcoming months of the festival season and reflects the upturn in the economy.
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