GST collection increased by 10 percent in September to cross Rs 1.62 lakh crore

Of this, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore deposited on import of goods) and Cess was Rs 11,613 crore (including Rs 881 crore deposited on import of goods).

The Finance Ministry said in the statement that GST collection in September, 2023 was 10 percent more than Rs 1.47 lakh crore in the same month last year. “During the month under review, revenue from domestic transactions (including import of services) was 14 percent higher on an annual basis,” the statement said. This is the fourth time in the financial year 2023-24 that the gross GST collection has crossed the figure of Rs 1.60 lakh crore.

The gross GST collection in the first half (April-September) of the financial year 2023-24 stood at Rs 9,92,508 crore, which is 11 percent more than the same period a year ago. The average monthly gross collection during April-September 2023 was Rs 1.65 lakh crore. This figure is 11 percent more on an annual basis.

Abhishek Jain, head of indirect tax at KPMG, said the normal period of limitation for financial year 2017-18 ended on September 30 and settlement of tax issues for the said period could have contributed to this increase. However, now the collection of more than Rs 1.6 lakh crore seems normal and further increase can be seen as the festival season approaches, he said. According to MS Mani, partner, Deloitte India, the September GST collection is a good sign for the upcoming months of the festive season and reflects the upturn in the economy.

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