Representative image of GST.
Credit: iStock Photo
Revenue collection from Goods and Services Tax (GST) rose by 10 per cent year-on-year to Rs 1.63 lakh crore in September, led by robust growth in major contributing states Maharashtra, Karnataka and Tamil Nadu, data released by the Union Finance Ministry showed on Sunday.
GST collections from Karnataka surged by 20 per cent to Rs 11,693 crore in September as compared with Rs 9,760 crore recorded in the same month last year. Karnataka is the second largest contributor to the country’s GST kitty.
The top contributor Maharashtra also recorded a robust growth. GST revenue in Maharashtra jumped by 17 per cent to Rs 25,137 crore.
Tamil Nadu emerged as the third largest contributor to the country’s GST kitty year-on-year growth of 21 per cent, as collections rose to Rs 10,481 crore in September 2023 as compared to Rs 8,637 crore recorded in the same month last year.
Gujarat, which was the third largest contributor to the nation’s GST kitty in September 2022, slipped to the fourth position. Revenue collection in Gujarat rose from Rs 9,020 crore in September 2022 to Rs 10,129 crore in September 2023, registering a year-on-year growth of 12 per cent.
Analysts said a robust growth in GST revenue collection ahead of the festive season augurs well for the economy.
“It is noticeable that large production and consumption states such as Maharashtra, Karnataka, Tamil Nadu and Andhra Pradesh have shown an increase ranging from17 per cent to 21 per cent compared to the average of 10 per cent,” said M S Mani, Partner, Deloitte India.
Credit: DH Illustration
During the month of September, 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. It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in the financial year 2023-24.
For September, Central Goods and Services Tax (CGST) stood at Rs 29,818 crore, State Goods and Services Tax (SGST) at Rs 37,657 crore and Integrated Goods and Services Tax (IGST) and Rs 83,623 crore and cess Rs 11,613 crore. The total IGST during the month included Rs 41,145 crore collected on import of goods. September GST collection is also higher on a month-on-month basis. GST revenue collection in August stood at Rs 1.59 lakh crore.
Cumulative GST collection for the first six months of the current financial year stood at Rs 9.9 lakh crore as compared to Rs 8.9 lakh crore crore recorded in the corresponding period of 2022-23, registering year-on-year growth of 11 per cent.
The average monthly gross collection in the first half of 2023-24 stood at Rs 1.65 lakh crore, compared with Rs 1.49 lakh crore recorded in the corresponding period of 2022-23.