New Delhi: India’s GST collections grew four per cent to a high of Rs 95,480 crore in September. The GST collections indicate that economic recovery is in sight. Goods and Services Tax (GST) mop-up in September 2019 stood at Rs 91,916 crore.
The Finance Ministry in a statement said the gross GST revenue collected in September 2020 is Rs 95,480 crore. Out of the total amount, the Central GST is Rs 17,741 crore, State GST is Rs 23,131 crore, Integrated GST is Rs 47,484 crore (including Rs 22,442 crore collected on import of goods) and cess is Rs 7,124 crore (including Rs 788 crore collected on import of goods).
In September 2020, the tax collections from import of goods and domestic transactions were 102 per cent and 105 per cent, respectively.
The collections in September 2020 are higher by 10 per cent over August mop up.
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The GST revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore) and August (Rs 86,449 crore).
PwC India Leader (Indirect Tax) Pratik Jain said with the festive season coming in, though muted, one would hope that collections would improve further. Measures such as e-invoicing should also help plug the tax leakage, he added.
Shardul Amarchand Mangaldas & Co Partner Rajat Bose said: “The increase in the collection is an encouraging sign for the economy. It is expected that the revenue collection should continue to improve as we approach the festive season.”