The Government collected around ₹1.48 lakh crore in the month of September through Goods & Services Tax (GST). This is seventh successive month of collection exceeding ₹ 1.4 lakh crore.
September collection is related with consumption of goods and availing services during the month of August. “This is the eighth month and for seven months in a row now, that the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark. The growth in GST revenue till September 2022 over the same period last year is 27 per cent, continuing to display very high buoyancy,” a statement issued by the Finance Ministry said.
It also highlighted another milestone crossed in September with more than 1.1 crore e-way bills and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), generated without any glitch on the GST Portal run by NIC on September 30, 2022.
Robust revenues
During August, 7.7 crore e-way bills were generated, which was marginally higher than 7.5 crore in July 2022. Also, September witnessed the second highest single day collection of ₹49,453 crore on 20th with second highest number of 8.77 lakh challans filed. Earlier on July 20 this year, ₹57,846 crore collected through 9.58 lakh challans, which pertained to end of the year returns. “This clearly shows that the GST portal maintained by GSTN has fully stabilized and is glitch free,” the ministry said.
The revenues for September are 26 per cent higher as compared to the same month last year. During the month, revenues from import of goods was 39 per cent higher and the revenues from domestic transaction (including import of services) are 22 per cent higher as compared to the same month last year.
Commenting on the latest collection, MS Mani, Partner with Deloitte India feels the collections in the next three months are expected to be even more robust due to the higher consumption expected during the festive season and the extension of the mandatory e-invoice protocol to taxpayers having turnover above ₹10 crore from October 01. “The state-wise data reflects the good growth in collections across key states with many large states demonstrating an above 20% increase in collections compared to the last year. It will be very interesting to see the industry/sector wise data which would indicate the sectors that are doing very well and those that are encountering stress and provide a correlation with the GDP estimates.,” he said.
Parag Mehta, Partner with N.A. Shah Associates attributes surge in collection on account of festive buying. In the month of September & October due to festivals like Navratri, Dusshera, Diwali the spending is usually high. Further the level of compliance has increased substantially and the department has also been making the best use of data available with them. Further, this is also the effect of withdrawals of various exemptions. Hopefully “the trend should continue for ongoing months also. It appears that GST is finally stabilizing,” he said.