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Sept GST collection rises to Rs 1.52 lakh cr

Sept GST collection rises to Rs 1.52 lakh cr

| @indiablooms | 01 Nov 2022, 10:34 pm

India's GST collection rose to Rs 1.52 lakh crore in Goods and Services Tax (GST) in September, the second-highest ever collection, according to the finance ministry said on November 1.

For eight consecutive months now, monthly GST revenues have been over Rs 1.40 lakh crore, an indication that India's economy is reviving.

“The revenue for October 2022 is the second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark,” the finance ministry said.

  The GST collection in April 2022 was Rs 1.68 lakh crore.

The gross GST collection was Rs 1.30 lakh crore in October 2021 and Rs 1.42 lakh crore in September 2022.

In October, the Central GST collection stood at Rs 26,039 crore, while State GST was Rs 33,396 crore.

Combined GST was Rs 81,778 crore and cess was Rs 10,505 crore.

The government settled Rs 37,626 crore to Central GST and Rs 32,883 crore to State GST from Integrated GST. It also settled Rs 22,000 crore on ad hoc basis in the ratio of 50:50 between the Centre and states.

After settlement, the total revenue of the Centre and the states in October came at Rs 74,665 crore and Rs 77,279 crore, respectively.

While overall GST collections showed healthy year-on-year growth in October but many states and Union Territories (UTs) registered GST growth below 14 percent growth in their collections.

Overall, 17 states and UTs witnessed GST revenue growth by less than 14 percent in the month of September. Many states registered a fall in their GST revenues on a year-on-year basis.

After the protected GST revenue period came to an end on June 30, states no longer get compensated if their GST mop-up falls below 14 percent compared to the corresponding month of last year.

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