GST revenue growth slowed to 10.2% in September
The Hindu
Growth in India’s gross GST revenues slowed to 10.2% in September from around 10.8% in the previous two months, but collections improved 2.3% over August revenues to touch ₹1,62,712 crore.
Growth in India’s gross GST revenues slowed to 10.2% in September from around 10.8% in the previous two months, but collections improved 2.3% over August revenues to touch ₹1,62,712 crore.
Revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year, and this is the fourth time that the gross GST kitty has crossed ₹1.60 lakh crore mark in 2023-24, the Finance Ministry said.
The revenues included Central GST collections of ₹29,818 crore, State GST of ₹37,657 crore, and Integrated GST of ₹83,623 crore, which included ₹41,145 crore collected on import of goods. GST compensation cess collections were ₹11,613 crore (including ₹881 crore collected on import of goods).
“The government has settled ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST. The total revenue of Centre and the States in the month of September, 2023 after regular settlement is ₹63,555 crore for CGST and ₹65,235 crore for the SGST,” the Finance Ministry said.
Revenues in strife-torn Manipur, which recovered from a contraction in August, recorded the highest growth among States in September, rising 47%.
GST revenues in Telangana grew 33%, followed by Jammu and Kashmir (32%), Arunachal Pradesh (27%), Tamil Nadu (21%) and Karnataka (20%)
Bihar was the only State to report a contraction in GST collections in September, with revenues down 5%. The Union Territories of Lakshadweep and Andaman and Nicobar Islands clocked a sharp decline in revenues, which fell 45% and 30% year-on-year, respectively. By contrast, revenues shot up 81% in the Union territory of Ladakh.
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