GST collection tops pre-Covid level, Govt gets Rs 95,480 cr in September

In a clear sign of the economy returning to pre-Covid level, the gross GST collection in the month of September topped the GST collection during the same month last year, according to the data released by the ministry of finance.

New Delhi:In a clear sign of the economy returning to pre-Covid level, the gross GST collection in the month of September topped the GST collection during the same month last year, according to the data released by the ministry of finance.

In the sixth month since the lockdown, the gross GST collection was Rs 95,480 crores, of which CGST was Rs 17,741 crores, SGST was Rs 23,131 crores, IGST was Rs 47,484 crores (including Rs 22,442 crores collected on import of goods), and the Cess collection was Rs 7,124 crores. The Cess also includes collection of Rs 788 crores on import of goods.

The Finance Ministry said the revenue for the month of September is 4% higher than the GST collection during the same month last year.

“During the month, the revenues from import of goods were 102% and the revenues from domestic transactions (including import of services) were 105 % of the revenues from these sources during the same month last year,” said the ministry.

Finance ministry said that the Centre has settled Rs 21,260 crores to the CGST and Rs 16,997 crore to the SGST from the IGST as regular settlement.

The total revenue earned by the Centre and States after regular settlement in the month of September was Rs 39,001 crores for CGST and Rs 40,128 crore for the SGST.

GST collection tops pre-Covid level

Steady improvement

September GST collection is highest in this year so far as the nationwide lockdown announced by Prime Minister Narendra Modi in March this year severely hit the economic activity.

In April this year, when the country was under complete lockdown, the GST collection hit the all time low of just Rs 32,172 crores against the collection of Rs 1,13,865 crores, a decline of over 70%. However, it showed signs of improvements in April with collection of Rs 62,151 crores then gradually increasing to Rs 90,917 crores in June this year.

In July and August, the GST collection was Rs 87,422 crores and Rs 86,449 crores, which was 85.63% and 88.02% of the GST collections during the same period of last fiscal.

However, September is the first month in this fiscal when GST collection has surpassed the GST collection during the same month last year, and it is also the highest collection in a month this year.

(Article by Krishnanand Tripathi)