New Delhi: Government collected Rs 95,480 crore Goods and Services Tax (GST) for September, the highest on a monthly basis since the lockdown began in March this year.
Collections for September were 10.4% higher than August and 4% higher than last year same month, the finance ministry said in a statement Thursday, as reported by The Economic Times.
“With a significant part of the economy resuming operations and international trade as well resuming pace, the collections have shown decent growth. The increased revenues indicate reinstatement of normalcy in business operations and provides an in general optimistic outlook,” said Abhishek Jain, indirect tax partner at EY.
Of the total gross collections, Central GST is Rs 17,741 crore, state GST is Rs 23,131 crore, integrated GST is Rs 47,484 crore and includes Rs 22,442 crore collected on import of goods. Cess collections stand at Rs 7,124 crore including Rs 788 crore collected on import of goods, The Economic Times told.
The government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement.
The total revenue earned by Central Government and the State Governments after regular settlement in the month of September, 2020 is Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST.
“During the month, the revenues from import of goods were 102% and the revenues from domestic transaction (including import of services) were 105% of the revenues from these sources during the same month last year,” the ministry said in a statement.
The data comes as states battle with the Centre over compensation for the shortfall in GST collections, even as the first two bi-monthly instalments due to the states for this financial year are yet to be issued. The states are to meet again on October 5 at the GST Council meeting to arrive at a consensus on borrowing options proposed by the Centre.