1.47 Lakh Crore GST Collected in the Month of September 2022

The gross GST revenue collected in the month of September 2022 is ₹ 1,47,686 crore of which CGST is ₹ 25,271 crore, SGST is ₹ 31,813 crore, IGST is ₹ 80,464 crore (including ₹ 41,215 crore collected on import of goods) and Cess is ₹ 10,137 crore (including ₹ 856 crore collected on import of goods).

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Division Of GST:

The government has settled ₹ 31,880 crore to CGST and ₹ 27,403 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2022 is ₹ 57,151 crore for CGST and ₹ 59,216 crore for the SGST.

Rising GST Collection:

The revenues for the month of September 2022 are 26% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 39% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year. This is the eighth month and for seventh months in a row now, that the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark. The growth in GST revenue till September 2022 over the same period last year is 27%, continuing to display very high buoyancy. During the month of August 2022, 7.7 crore e-way bills were generated, which was marginally higher than 7.5 crore in July 2022.

Highest GST Filling:

This month witnessed the second highest single day collection of Rs. 49,453 crore on 20th September with second highest number of 8.77 lakh challans filed, next only to Rs. 57,846 crore collected on 20th July 2022 through 9.58 lakh challans, which pertained to end of the year returns. This clearly shows that the GST portal maintained by GSTN has fully stabilized and is glitch free. September also saw another milestone getting crossed 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 30th September 2022.

About GST:

Goods and Services Tax (GST) is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India. GST would replace respective taxes levied by the central and state governments.

Key Points:

• It is a destination-based taxation system.
• It has been established by the 101^st Constitutional Amendment Act.
• It is an indirect tax for the whole country on the lines of “One Nation One Tax” to make India a unified market.
• It is a single tax on the supply of Goods and Services in its entire product cycle or life cycle i.e. from manufacturer to the consumer.
• It is calculated only in the “Value addition” at any stage of goods or services.
• The final consumer will pay only his part of the tax and not the entire supply chain which was the case earlier.
• There is a provision of the GST Council to decide upon any matter related to GST whose chairman in the finance minister of India.

Find More News on Economy Here