GST collection in September was Rs. 1.15 lakh crore ઃ Five month high

(PTI) New delhi date. 1

For the third month in a row, India's GST collection has been more than Rs 1 lakh crore. GST collection in September stood at Rs 1.18 lakh crore, a five-month high. The GST figures for September indicate that the government's GST revenue will be even higher for the rest of the current financial year.

In September last year, GST collection was Rs 2.50 crore. Compared to September, 2020, GST collection in September, 2021 has been 3% higher. While in September, 2017, the GST collection was Rs 21,616 crore. Compared to September, 2017, GST collection in September, 2011 has been 8% higher.

GST collection in September, 2021 has been the highest since April, 2021. In April 2021, GST collection stood at a record Rs 1.31 lakh crore. GST collection was Rs 1.15 lakh crore in July 2011 and Rs 1.15 lakh crore in August 2011.

The finance ministry said in a statement that the total GST collection in September 2021 was Rs 1,16,010 crore. Of this, Central GST is Rs 40.5 crore, State GST is Rs 4.5 crore and Integrated GST is Rs 30,311 crore.

During the second quarter (July-September) of the current financial year, the average gross GST collection stood at Rs 1.18 lakh crore. Which is five per cent higher than the average gross GST collection of the first quarter. The average gross GST collection in the first quarter was Rs 1.10 lakh crore.

The finance ministry further said that the GST figures were a clear indication that the economy was recovering rapidly. According to experts, GST collection will remain high in the near future as the festive season begins.

The finance ministry has said that the central government has released Rs 5,000 crore to compensate the states for the loss of revenue due to GST.