The gross GST revenue continue to be above Rs 1 lakh crore for the third consecutive month despite Covid disruption as a pick up in the economic recovery is shoring up corporate earnings. The GST collection in September stood at Rs 1.17 lakh crore, compared with Rs 1.12 lakh crore in August,the Finance Ministry said on October 1.
GST collections had been consistently well above the Rs 1 lakh crore mark from October 2020 to May 2021. However, it slipped to Rs 92,849 crore in June, reflecting the economic disruption caused by the second wave.
According to the finance ministry statement, out of this GST collection, CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on the import of goods).
The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST.
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The average monthly gross GST collection for the second quarter of the current year has been Rs 1.15 lakh crore, which is 5 per cent higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter of the year. This clearly indicates that the economy is recovering at a fast pace, the finance ministry said.
Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections, the statement added.
