Authorities collects Rs 1.17 lakh crore as GST for September, 23% increased YoY

The federal government has collected Rs 1,17,010 crore GST for the month of September which is 23% increased than the identical interval final yr.

The upper income assortment is a shot within the arm for presidency’s funds that had taken successful attributable to pandemic and has seen vital enchancment within the second quarter of the present fiscal.

“The typical month-to-month gross GST collection for the second quarter of the present yr has been Rs 1.15 lakh crore, which is 5% increased than the typical month-to-month assortment of Rs 1.10 lakh crore within the first quarter of the yr,” authorities mentioned.

The development in tax collection helped the federal government in narrowing its budget deficit hole which got here in at 31% of the yearly goal for the interval April-August.

The decide up in economic activity over the approaching months when client spending is ready to extend attributable to competition season will additional enhance the GST collections.

“The gross GST income collected within the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (together with Rs 29,555 crore collected on import of products) and Cess is Rs 8,754 crore (together with ? 623 crore collected on import of products),” the official launch mentioned.