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GST collection hits ₹1.62 trillion in Sep
Mint Mumbai
|October 02, 2023
Central and state governments collected ₹1.62 trillion in goods and services tax (GST) in September, marking the fourth highest monthly collection since the inception of the indirect tax regime and a 10% annual growth from the year-ago period
Overall, GST receipts so far this year are in line with the 10.5% nominal GDP growth rate projected by the finance ministry and reflect the trends in tax administration efficiency as well as consumption.
After the settlement of taxes on inter-state sales, the central government received ₹63,555 crore while states received ₹65,235 crore in September, the Union finance ministry said on Sunday. Proceeds from the GST cess levied on items like high-end automobiles stood at a robust ₹11,613 crore.
The ministry said that GST revenue receipts are in line with official estimates. Gross receipts from GST in the first half of the current fiscal improved 11% from the year-ago period to ₹9.92 trillion. The average monthly gross collection this fiscal is ₹1.65 trillion, which is 11% more than in the year-ago period.
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