GST Collections Increase By 26% To More Than Rs 1.47 trn In September 2022

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GST Collections Increase By 26% To More Than Rs 1.47 trn  In September 2022
03 Oct 2022
6 min read


News Synopsis

In September, India's tax revenue from the sale of goods and services increased by 26% to Rs 1.47 trillion due to rising demand, higher rates, and more tax compliance.

The Finance Ministry said on Saturday while announcing the preliminary data of the collection that the Goods and Services Tax (GST) collection stayed over the Rs 1.4 trillion level for the seventh consecutive month during month and continued to demonstrate extremely high buoyancy.

According to the ministry, CGST accounts for Rs 25,271 crore, SGST for Rs 31,813 crore, IGST for Rs 80,464 crore, including Rs 41,215 crore in revenue from goods imported, and cess for Rs 10,137 crore, including Rs 856 crore in revenue from goods imported.

The amount raised in September surpasses the Rs. 1.43 trillion raised in August. In April, the mop-up reached a record high of Rs 1.67 trillion.

 “The growth in GST revenue till September over the same period last year is 27 percent. During the month of August, 77 million e-way bills were generated, which was marginally higher than 75 million in July,

On September 20, the month saw the second-highest single-day collection of Rs. 49,453 crore with the second-highest number of challans filed, only below the Rs. 57,846 crores collected on July 20 through 958,000 challans, which related to end-of-year returns.

The government made a regular settlement of Rs 31,880 crore to CGST and Rs 27,403 crore to SGST from IGST.

After monthly payments in the month of September 2022, the combined income for the Centre and the States is Rs 57,151 crore for the CGST and Rs 59,216 crore for the SGST.

Revenues from domestic transactions, including the import of services, were 22% higher during the month while revenues from the import of products were 39% higher than they were during the same month the previous year.

TWN Tech Beat