Govt collected Rs 1.17 Lakh crore this September which was 23 per cent higher than the GST collections recorded in the same period last year
The government recorded a collection of Rs 1.17 Lakh crore for September, which was 23 per cent higher than last September on a year-on-year basis.
The higher revenue collection is a boost for the slowdown that the economy had to face due to the pandemic. Even the improvement seen in the second half of the current fiscal has been a major stepping stone to the road to recovery.
“The average monthly gross GST collection for the second quarter of the current year has been Rs 1.15 lakh crore, which is 5% higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter of the year,” government said reportedly.
The government managed to narrow down its budget deficit gap which was at 31 per cent of the yearly target in April-August with the help of the improvement in tax collection.
The expected rise in the economy which is estimated from the coming festival season where a rise in consumer spending would be recorded will further improve the GST collections.
“The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including 623 crore collected on import of goods),” the official release added reportedly.