GST revenues scale up 26 pc amid imports surge

Gross Commodities and Services Tax (GST) collections in India reached Rs. 1,47,686 crore in September, up 26 percent over the same month last year. Revenues from imports of goods increased by 39 percent, while those from domestic transactions and services imports increased by 22 percent.

\This is the eighth time since the GST system was put into place in July 2017 that indirect tax income has remained above Rs. 1.4 lakh crore for seven consecutive months.

The revenue for September, which includes transactions from August, is 2.84 percent greater than the August 2022 GST kitty on a monthly basis. 7.7 crore electronic way bills were produced in August, which is 2.66 percent more than the 7.5 crore bills produced in July 2022.

The Finance Ministry reported that GST revenue has increased by 27 percent through September 2022 compared to the same period in the previous year, maintaining its high buoyancy.

Integrated GST, also known as IGST, brought in Rs. 80,464 crore in September, of which more than half came from imports of commodities. State GST inflows contributed Rs. 31,813 crore to the total. GST Compensation Cess receipts totaled Rs. 10,137 crore, of which Rs. 856 crore came from imported items.

During this month, the 20th of September saw the second-highest single-day collection of Rs. 49,453 crore and the second-highest number of challans submitted (8.77 lakh), trailing only the Rs. 57,846 crore received on the 20th of July 2022 through 9.58 lakh challans that related to end-of-year returns. This demonstrates unequivocally that the GSTN-maintained portal has reached full stabilisation and is error-free.

The Ministry reported that 8.77 lakh challans were filed on September 20 for the second-highest single-day GST collection of Rs. 49,453 crore, claiming that this "clearly proves that the GST portal operated by GSTN has fully stabilised and is glitch free."

"On September 30, 2022, more than 1.1 crore e-invoices and e-way bills, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), were generated on the portal administered by NIC without a single hitch," it said.

Although domestic transaction revenues increased by 22 percent, the pattern was significantly different between States.

GST officers detect Rs.824 cr tax evasion by insurance firms

Compulsory e-Invoicing for firms above Rs.10 cr turnover deadline Oct 1

India towards growth: GST has transformed tax collection

 

- Sponsored Advert -

Most Popular

- Sponsored Advert -