Updated : May 1, 2024GST Revenue Surges 1.47 Lakh Crore by 26% This September
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%).
