GST collection in September rises 10 pc to Rs 1.62 lakh crore

Story by  ANI | Posted by  Tripti Nath • 2 Months ago
A representational image of GST
A representational image of GST

 

New Delhi (Infdia)

The gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore, official data from the Ministry of Finance showed on Sunday. The monthly revenue is 10 per cent higher than the collection the same month the previous year.
 
It is the fourth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in the financial year 2023-24. Notably, in April, the gross GST collection was at an all-time high of Rs 187,035 crore.
 
Of the total collection, CGST was Rs 29,818 crore, SGST was Rs 37,657 crore, and IGST was Rs 83,623 crore and cess was Rs 11,613 crore.
 
The gross GST collection for the first half of the 2023-24 ending September, 2023 was Rs 992,508 crore, 11 per cent higher recorded in the first half of 2022-23.
 
In the entire financial year 2022-23, the total gross GST collection stood at Rs 18. 10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.
 
Over the last few years, various efforts have been made to increase the tax base and improve compliance.
 
Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
 
Meanwhile, the central government has notified the amendments in GST legislation passed by the Lok Sabha in August so as to impose a 28 per cent tax on online gaming, casinos, and horse racing. The amendments will come into effect as was earlier announced -- from October 1.
 
The amendments in the GST acts were made after they were proposed by the GST Council to make way to levy 28 per cent taxes on such items.
 
The next meeting of the GST Council will be held on October 7 in New Delhi, though the agenda is not yet known.