India's GST collections cross ₹2 lakh crore in September
What's the story
India's gross Goods and Services Tax (GST) collection for September stood at ₹2,03,521 crore, a year-on-year increase of 14.7%. The data was released by the government on Thursday. For the first half of this fiscal year (April-September), the total gross collection was ₹12,46,278 crore, reflecting an increase of 11.6% over the same period last year.
Collection details
Breakup of total GST collection for September
In September, the Central Goods and Services Tax (CGST) contributed ₹37,762 crore to the total GST collection.
The State Goods and Services Tax (SGST) contributed ₹45,363 crore while the Integrated Goods and Services Tax (IGST) made up a major chunk with ₹1,20,396 crore.
After refunds were accounted for, net GST revenue saw an 18.1% increase year-on-year to ₹1,76,520 crore in September from ₹1,49,517 crore last year.
Revenue growth
Domestic GST revenue saw a 10.1% increase
The gross domestic GST revenue for September also saw a 10.1% increase, reaching ₹1,37,996 crore from ₹1,25,334 crore last year.
This was driven by an increase in CGST to ₹37,762 crore from ₹33,645 crore and SGST to ₹45,363 crore from ₹41,836 crore.
The IGST collections on domestic transactions also rose to ₹54,871 crore from ₹49,853 crore last year.
Import impact
GST revenue from imports sees a whopping 25.9% rise
GST revenue from imports saw a 25.9% rise, reaching ₹65,525 crore in September from ₹52,031 crore last year.
This was a major contributor to the overall growth of India's gross GST collection for the month.
Refunds saw a minor decline of 3% year-on-year to ₹27,001 crore in September compared to ₹27,848 crore last year.