GST Collections Rise 10% To Rs 1.63 Lakh Crore In September
The gross goods and services tax for August, collected in September, rose 10% to nearly Rs 1.63 lakh crore, according to the Ministry on Finance.
The average monthly gross GST collection in FY24 stands at Rs 1.65 lakh crore with 11% YoY growth, the ministry said in a statement on Sunday.
The total gross collection in the first half of FY24 so far stands at at over Rs 9.92 lakh crore, recording a 11% growth over a year earlier. The average GST collection in the April-June quarter of 2024 was around Rs 1.69 lakh crore.
Some of the increased collections could also be due to businesses settling issues with payment of taxes for the period of FY17-18, as its normal period of limitation ends on Sept. 30, 2023, Abhishek Jain, indirect tax head and partner at KPMG, said. "While Rs 1.6 lakh crore plus seems to be the new normal, this could see a further uptick with the festive season around the corner.”
The highest-ever collection was recorded in April for transactions in March 2023 at Rs 1.87 lakh crore, buoyed by fiscal-end tax payout.
In September, the revenue from domestic transactions (including import of services) were 14% higher than a year earlier.
Break-Up Of GST Collections
Gross GST revenue: Rs 1,62,712 crore.
Central GST: Rs 29,818 crore.
State GST: Rs 37,657 crore.
Integrated GST: Rs 83,623 crore, including Rs 41,145 crore collected on import of goods.
Cess: Rs 11,613 crore, including Rs 881 crore collected on the import of goods.
State Collection Trends
The top earner in terms of volume was Maharashtra, which saw 17% annual growth to Rs 25,137 crore. Karnataka, which has steadily emerged as the second-top GST collector, recorded Rs 11,693 crore (20% YoY growth).
In the third place, Tamil Nadu's collections at Rs 10,481 crore (21% growth) marginally overtook Gujarat at Rs 10,129 crore (12% growth).
Ladakh and Manipur recorded the highest annual growth, albeit on a small base. Telangana recorded a significant annual growth in collections at 33%, growing to Rs 5,226 crore.
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