Pace of growth in GST collections slows down to 10%

Tribune News Service

Sandeep Dikshit

New Delhi, October 1

Gross GST revenue collected in September was Rs 1.62 lakh crore, which showed a slowing pace of increase in collections as the economy moves to a slower growth rate in the coming quarters.

The collection was 10 per cent higher than that in the same month last year. In comparison, the collection in August this year was 14 per cent higher than the corresponding month last year. As compared to the previous month of August when Rs 1.59 lakh crore was the intake, the collections were Rs 3,000 crore higher.

Gross GST intake in the first six months of the current fiscal (April to September) was at Rs 9.92 lakh crore. This was 11 per cent higher than the gross GST collection of Rs 8.93 lakh crore in the first six months of the previous fiscal.

The average monthly gross collection in the first six months of the current fiscal is Rs 1.65 lakh crore, which is 11 per cent higher than average monthly gross collection of Rs 1.49 lakh crore in the first six months of the previous fiscal. An official release said this is for the fourth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark this fiscal.

The revenues from domestic transactions (including import of services) were 14 per cent higher than the revenues from these sources during the same month last year. The same trend was witnessed last month also.

The intake from J&K was Rs 563 crore as against Rs 428 crore in September 2022 and Rs 523 crore in August 2023. In Himachal, the collection was Rs 784 crore as against Rs 712 crore in September 2022 and Rs 725 crore in August 2023. Punjab’s collection rose to Rs 1,866 crore from Rs 1,710 crore in September 2022 and Rs 1,813 crore in August 2023. Haryana earned Rs 8,009 crore as against Rs 7,403 crore in September 2022 and Rs 7,666 crore in August 2023. The intake from Delhi was Rs 4,849 crore as against Rs 4,741 crore in September 2022 and Rs 4,620 crore in August 2023. Ladakh earned Rs 35 crore as against Rs 19 crore in September 2022 and Rs 27 crore in August 2023.

#Goods and Services Tax GST