GST Revenue Surges 1.47 Lakh Crore by 26% This September
Author: Editorial Team | in, Updated on: May 1, 2024 | Category:
Overview : India’s gross Goods and Services Tax (GST) collections were ₹1,47,686 crore, a 26% surge compared to the previous year. This is the seventh consecutive month that indirect tax revenues have surpassed ₹1.4 lakh crore. It is the eighth such event since the adoption of the GST regime in July 2017.
According to a statement issued by the Ministry of Finance on Saturday, “The gross GST revenue collected in the month of September 2022 is ₹ 1,47,686 crore of which CGST is ₹ 25,271 crore, SGST is ₹ 31,813 crore, IGST is ₹ 80,464crore (including ₹ 41,215 crore collected on import of goods) and Cess is ₹ 10,137 crore (including ₹ 856 crore collected on import of goods).”
This Festive Season is Expected to Bring in Higher Revenues
In September 2022, the GST collections rose to 26% more than the same month last year. Revenues from import of products were 39% higher during the month, while revenues from domestic transactions (including imports of services) were 22% higher than during the same month previous year.
This is the eighth month in a row that monthly GST collections have surged ₹1.4 lakh crore. GST income is up 27% from the same time last year to September 2022, indicating that the economy is still booming. In August 2022, 7.7 crore e-way invoices were created, which was somewhat more than 7.5 crore the previous month.
It went on to say that the government has settled ₹31,880 crore to CGST and ₹27,403 crore to SGST as usual settlement from IGST. “The total revenue of Center and the States after regular settlements in the month of September 2022 is ₹ 57,151 crore for CGST and ₹ 59,216 crore for the SGST,” it emphasized.
The Trend Varied Significantly Across States
While domestic transactions revenues rose by 22%, the trend varied significantly between states.
Bihar saw a 67% increase in revenue, Goa saw a 35% increase, Haryana saw a 33% increase, Delhi saw a 32% increase, and Maharashtra saw a 29% increase. Kerala and West Bengal (27%), Karnataka (25%), and Uttar Pradesh (23%), all rose faster than the national average, but Andhra Pradesh lagged behind with 21% growth, followed by Gujarat (16%), Odisha (13%), and Tamil Nadu (10%).
Author Bio
Editorial Team | in
Setindiabiz Editorial Team is a multidisciplinary collective of Chartered Accountants, Company Secretaries, and Advocates offering authoritative insights on India’s regulatory and business landscape. With decades of experience in compliance, taxation, and advisory, they empower entrepreneurs and enterprises to make informed decisions.