GST revenues cross ₹95,000 crore in September

GST revenues cross ₹95,000 crore in September

• By Staff Writer

 GST revenues cross ₹95,000 crore in September

Revenue collections from the Goods and Services Tax (GST) in September hit ₹95,480 crore, the highest in this financial year so far, indicating that economic activity is picking up steam in tandem with the gradual easing of lockdown restrictions necessitated by the COVID-19 pandemic.

September’s indirect tax collections were over 10% higher than August, 4% higher than the GST kitty in the same month a year ago and marked only the second time that the ₹90,000 crore mark was crossed this financial year.

The Hindu Explains | What is the GST compensation due to States?

GST collections had been sliding after January 2020 when nearly ₹1.11 lakh crore came in. March 2020, by the end of which the national lockdown was imposed, recorded GST inflows of ₹97,597 crore. April and May saw the worst hit, bringing in little over ₹32,000 crore and ₹62,000 crore, respectively.

“The gross GST revenue collected in the month of September, 2020 is ₹95,480 crore, of which Central GST is ₹17,741 crore, State GST is ₹23,131 crore, Integrated GST is ₹47,484 crore [including ₹22,442 crore collected on import of goods] and cess is ₹7,124 crore [including ₹788 crore collected on import of goods],” the Finance Ministry said in a statement on Thursday.

Note: - As every caution has been taken to provide our readers with most accurate information and honest analysis. Please check the pros and cons of the same before making any decision on the basis of the shared details.

Economists were cautious about reading the healthier numbers as a sign of a sustainable rebound from the sharp 23.9% contraction in the country’s gross domestic product in the first quarter of 2020-21.