23% More GST Collection in Sept 2021 Compared to Sept 2020

The government has recently revealed the GST revenue collection of the month of September 2021 which now stands at INR 1,17,010 crore and the share of CGST is INR 20,578 crore, the SGST is 26,767 crore and the IGST came to INR 60,911 crores which also accommodates the INR 29,555 crore on behalf of the import of goods and cess i.e. INR 8754 crore which also includes the INR 623 crore collected on import of goods.

Also, the government has settled the INR 28,812 crore to the CGST while the INR 24,140 crore has been settled towards the SGST from the IGST collections which is the part general settlement installment. After all the settlements, the overall revenue of the center and the states for the month of September stands at INR 49,390 crore for the CGST and for the SGST it comes at INR 50,907 crore.

For the note, the revenues have been higher for September 2021 as compared to September 2020 for around 23% and if we go through the import of goods revenues it is 30% more than the same month, also the domestic transactions which also encompasses the import of services is now 20% more than the revenues same month previous year. And if we talk about the overall growth, it has come to 4% for the September month of 2021 compared to 2020 as it was INR 91,916 crore.

Rs 1.15 lakh cr is the average monthly GST collection for the 2nd quarter of the present year, which is 5% more with respect to the monthly collection of Rs 1.10 lakh cr towards the year’s 1st quarter. It means that the recovery of the economy is running at a faster rate.

And with the inclusion of anti-evasion techniques, economic acceleration and also getting the bogus invoice in check, the overall growth of revenue collection is expected to get done every year. The GST compensation released by the center is INR 22,000 crores to the states for the target meeting of GST revenue.