GST Collection Soars 18.1% in September, Fastest in Six Months, to Reach Rs 1.77 Trillion

India’s net GST collection picked up the pace in September and reached Rs 1.77 trillion, which is an increase of 18.1% compared to September last year. This is the highest year-over-year rise in six months. 

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The improvement came as gross GST receipts crossed the Rs 2 trillion mark for the month, helped by higher collections from both domestic transactions and imports. A decline in refunds further lifted the growth in net revenue. 

GST Collection Breaks Rs 2 Trillion Barrier 

Gross GST collection was Rs 2.03 trillion in September, a rise of 14.7% compared to Rs 1.77 trillion collected in the corresponding month of the previous year. 

In terms of domestic collection, the amount was Rs 1.38 trillion, reflecting an annual increase of 10.1%. 

There was a far higher jump in the figure for import-related GST collection. It went up 26% to reach Rs 65,525 crore against Rs 52,034 crore in the corresponding period last year. 

This was better than the August figure of an 6.5% annual increase. 

Decline in Refunds Facilitates Faster Growth in Net Revenue 

Refunds of GST fell in September, which facilitated a faster growth rate for net revenues against that of gross revenue. 

The total refunds decreased by 3% to Rs 27,001 crore. The domestic refunds fell by 7.2% to Rs 15,318 crore, whereas refunds linked with exports rose by 3.1% to Rs 11,683 crore. 

After making adjustments for refunds, the net GST revenue came to Rs 1.77 trillion, growing 18.1% against the same month of the previous year. 

The net collections of GST from domestic sources stood at Rs 1.23 trillion, showing a growth of 12.6%. The net import revenue grew 33.1% to Rs 53,842 crore. 

Gross GST Collection in First Half Crosses Rs 12.46 Trillion 

September figures have also helped boost GST receipts in the first half of the financial year. 

Gross GST collection in the April-September period is at Rs 12.46 trillion, up 11.6% from Rs 11.17 trillion collected in the corresponding period last year. 

Net GST collections for the six months period increased by 10.4% to Rs 10.66 trillion compared to Rs 9.66 trillion. 

Refunds for April-September period totalled at Rs 1.80 trillion, marking 19.1% growth on year-on-year basis. 

September figures have shown a marked improvement over the previous month with gross GST collections crossing the Rs 2 trillion mark while net GST collection witnessing the fastest growth in six months.