GST Collection Update: Government Collects Rs 1,47,686 Cr GST Revenue In September

The Finance Ministry on Saturday announced that GST receipts increased by 26% in September exceeding Rs1.47 lakh crore. The mop-up for the GST has exceeded Rs1.40 lakh crore for 7 consecutive months.

The Finance Ministry on Saturday announced that Goods and Services Tax (GST) receipts increased by 26% in September exceeding Rs 1.47 lakh crore, reported the Economic Times. The mop-up for the GST has exceeded Rs 1.40 lakh crore for seven consecutive months.

The ministry released a statement stating that the total GST revenue collected in the month of September 2022 was Rs 1,47,686 crore, of which Central GST (CGST) was Rs 25,271 crore, State GST  (SGST) was Rs 31,813 crore, Integrated GST was Rs 80,464 crore (including Rs 41,215 crore collected on import of goods), and Cess was Rs 10,137 crore (including Rs 856 crore collected on import of goods).

“This is the eighth month and for the seventh month in a row now, that the monthly GST revenues have been more than the ₹1.4 lakh crore mark. The growth in GST revenue till September 2022 over the same period last year is 27%, continuing to display very high buoyancy,” the Union finance ministry stated.

Since the first month of the current fiscal year, when April 2022 revenues jumped to an all-time high of 1,67,540 crore, there have consistently been strong GST collections. Later, with 1,48,995 crore, the month of July recorded the second-highest revenues.

In September 2022 compared to the same month of the previous year, the government generated 26% more revenue. When compared to the same month last year, the revenue from domestic transactions, which includes the import of services, was 22% higher and the revenue from domestic transactions for goods was 39% higher, reported the Hindustan Times. 7.7 crore e-way bills were generated in August 2022, which was slightly more than the 7.5 crores generated in July 2022.

As per the words of MS Mani, partner at Deloitte India, stabilising GST monthly receipts over Rs1.4 lakh crore for seven consecutive months will provide the government with greater breathing room on the fiscal front. He further added, "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 ₹10 crore from October 1."

“It is noteworthy that these collections reflect supplies made in August. With the festive season coming up, the GST collections can further be expected to go up in the coming months,” Abhishek Jain, Partner Indirect Tax at KPMG in India said while talking to the Hindustan Times.

(With Inputs From Agencies)