At Rs 1.47 lakh crore, GST revenue up 26% in September

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NEW DELHI: The gross GST revenue collected in September totalled Rs 1.47 lakh crore, the seventh month in a row in which receipts have been more than Rs 1.4 lakh crore, data released by the finance ministry showed on Saturday. The September revenue was 26% higher than the GST receipts in the same month last year.
During the month, revenue from import of goods was 39% higher and receipts from domestic transactions (including import of services) were 22% higher than the revenue from these sources in the same month last year.
Goods and services tax (GST) receipts have been robust as economic activity gathered pace after the lifting of curbs imposed to prevent the spread of Covid-19. Measures taken to plug loopholes have also yielded results and led to high compliance.
In August 7.7 crore e-way bills were generated, marginally higher than the 7.5 crore in July, according to the finance ministry statement.
Experts said they expect the trend to continue in the months ahead, aided by the festival demand.
“The key contributors appear to be the expansion in usage of e-invoicing and e-way bills, use of analytics for audits, and also the increase in imports with the upcoming festive season as businesses build up stocks,” said Mahesh Jaising, partner and leader (indirect tax), Deloitte India. “With the pandemic behind us, further reduction in e-invoicing threshold from October 1, and the recent amendments to extend year-end compliance due dates, we expect the last quarter of 2022 to witness even higher collections,” he said.
The data showed that the second-highest single day collection of Rs 49,453 crore was made on September 20 with second-highest number of 8.77 lakh challans filed, next only to Rs 57,846 crore collected in July through 9.58 lakh challans. “This clearly shows that the GST portal maintained by GSTN has fully stabilised and is glitch free,” according to the finance ministry statement.
September also saw the crossing of another milestone when more than 1.1 crore e-way bills and e-invoices combined — 72.94 lakh e-invoices and 37.74 lakh e-way bills — were generated without any glitch on the portal run by NIC on September 30, the statement added.

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