Since last year, the corona epidemic had broken the back of the country’s economy, but after recovering from the second wave, the economy is slowly getting back on track. The proof of this is the GST collection on September, in which the government has earned a good amount and this collection has also broken the record of the last 5 months. The government has collected GST of Rs 1,17,010 crore in the month of September. This is an increase of 23 per cent compared to the same period last year.
Improvement in GST collection
Revenue from imports of goods was 30 per cent higher during the month of September and revenue from domestic transactions (including import of services) was 20 per cent higher than revenue from these sources during the same month last year. In September, the government’s GST collection has reached a 5-month high. CGST collection for the month of September stood at Rs 20,578 crore, SGST Rs 26,767 crore, IGST Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess Rs 8,754 crore (including Rs 623 crore collected on import of goods).
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Improvement in tax collection
It is worth noting that if we talk about the GST collection of the previous months, according to the data of the Ministry of Finance, the GST collection of the government in August was Rs 1.12 lakh crore. In July 2021, it was Rs 1.16 lakh crore. In June, it was only Rs 92,849 crore. However, in April and May also it was more than Rs 1 lakh crore. Issuing a statement, the government said that the average monthly gross GST collection in the second quarter of the current year stood at Rs 1.15 lakh crore, which is 5% higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter of the year. Improvements in tax collection helped the government to narrow its budget deficit gap. Which was 31% of the annual target for the April-August period.
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