GST revenues rise 26% amid surge in imports

This is the seventh consecutive month that indirect tax revenue has stayed above ₹1.4 lakh crore

This is the seventh consecutive month that indirect tax revenue has stayed above ₹1.4 lakh crore

India’s gross Goods and Services Tax (GST) collections hit ₹1,47,686 crore in September, 26% higher than a year ago, as revenue from goods imports increased by 39 % and domestic transactions and imports of services earning 22% more turnover only in September 2021.

This is the seventh consecutive month that indirect tax revenue has remained above ₹1.4 lakh crore and marks the eighth such occasion since the introduction of the GST scheme in July 2017.

On a month-to-month basis, September revenue which reflects transactions made in August is 2.84% higher than the August 2022 GST kitty. In August, e-mail invoices of 7.7 crore were generated , which is 2.66% more than the 7.5 crore bills generated in July 2022.

“GST revenue growth through September 2022 compared to the same period last year is 27 percent, continuing to show very high momentum,” the finance ministry said.

While central TPS collections were only ₹25,271 crore in September, state TPS inflows contributed ₹31,813 crore , while the integrated GST or IGST grossed ₹80,464 crore , more than half of which came from the importation of goods. GST clearing cess collections were ₹10,137 crore including ₹856 crore from merchandise imports.

This month witnessed the second largest single day collection of Rs. 49,453 crores in 20 e September with the second highest number of 8.77 lakh challans deposited, just after Rs. 57,846 crores collected in 20 e July 2022 at 9.58 lakh challans, which related to year-end yields. This clearly shows that the GST portal maintained by GSTN has fully stabilized and has no issues.

September 20 marked the second-largest single-day GST collection of ₹49,453 crore with the second-highest number of 8.77 lakh challans deposited, the ministry said, saying it “clearly shows that the GST portal maintained by GSTN has fully stabilized and is problem free”.

“September also saw another milestone when over 1.1 crore of e-invoices and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way invoices), were generated without any issues on the portal managed by NIC on 30 e September 2022,” he added.

While domestic transaction revenue increased 22%, there were significant variations in the trend seen between states.

Revenues jumped 67% in Bihar, 35% in Goa, 33% in Haryana, 32% in Delhi and 29% in Maharashtra. Kerala and West Bengal (27%), Karnataka (25%) and Uttar Pradesh (23%) also grew faster than the national average, but Andhra Pradesh with 21% growth, followed by 16% in Gujarat, 13% in Odisha and 10% in Tamil Nadu, trailing behind.

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