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Government collects Rs 95,480 crore GST in September

Saransh Pandey

Intern
  • October 01, 2020
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    The total gross collections include Rs 17,741 crore from Central GST, Rs 23,131 crore from state GST, integrated GST is Rs 47,484 crore and includes Rs 22,442 crore collected on import of goods.

In September goods and Services Tax (GST) collections were estimated to be Rs 95,480 crore, since March this is the highest on a monthly basis since the lockdown began. The finance ministry said in its statement that the collections for September were 10.4% which is higher than August and 4% higher than last year the same month. 

The collections have shown decent growth thanks to the fact that with economy resuming operations and international trade as well as resuming pace. The increased revenues indicate the restoration of normalcy in business operations and are a positive sign for the economy.  

The total gross collections include Rs 17,741 crore from Central GST, Rs 23,131 crore from state GST, integrated GST is Rs 47,484 crore and includes Rs 22,442 crore collected on import of goods. Cess collections stood at Rs 7,124 crore including Rs 788 crore collected from the import of goods. The government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement. 

Central Government and the State Governments have earned a total revenue of Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST in September 2020 which is earned by the after regular settlement. The ministry said in a statement that during the same month, the revenues from the import of goods stood at 102% and the revenues from the domestic transaction stood at 105% of the revenues from these sources. 

This data has come at a time when states are battling with the Centre over compensation for the shortfall in GST collections. The first two bi-monthly installments to the states for this financial year are still pending. On October 5 the states will meet again at the GST Council meeting to arrive at a consensus on borrowing options proposed by the Centre. 

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