The Union finance ministry on Friday launched the September report on Items and Companies Tax (GST) collected within the month, which confirmed an increase of 23 per cent from the GST revenues collected in the identical interval final yr. In September 2021, the central authorities collected ₹1,17,010 crore as GST income, of which ₹20,578 crore was Central Items and Companies Tax (CGST), ₹26,767 crore was State Items and Companies Tax (SGST), and ₹60,911 crore was Built-in Items and Companies Tax (IGST), and ₹8,754 crore was cess. Of the IGST revenues and cess collected, import of products accounted for ₹29,555 crore and ₹623 crore, respectively.
The Centre has settled ₹28,812 crore to CGST and ₹24,140 crore to SGST from IGST as common settlements, the ministry assertion added. Following this, the overall income of the federal government stands at ₹49,390 crore for CGST and ₹50,907 crore for SGST in September 2021.
The rise on this yr’s September GST income from final yr has been contributed by 30 per cent and 20 per cent greater revenues from import items and home transactions – together with import of providers, respectively, an official assertion from the ministry learn.
In keeping with knowledge launched by the finance ministry, with 144 per cent, Sikkim reported the very best rise in GST income assortment in September 2021 versus the identical month final yr. In the meantime, Daman and Diu reported a minus 99 per cent dip within the GST income collections.
High 5 states and Union territories (UTs) with respect to GST income collections:
1. Sikkim (144 per cent)
2. Ladakh (61 per cent)
3. Arunachal Pradesh (56 per cent)
4. Odisha (40 per cent)
5. Dadra and Nagar Haveli (35 per cent)
Backside 5 states and UTs that confirmed much less or dip in GST income collections:
1. Daman and Diu (- 99 per cent)
2. Lakshadweep (- 51 per cent)
3. Bihar (- 12 per cent)
4. Manipur (- 2 per cent)
5. Tripura (zero per cent)
The finance ministry assertion additionally stated that the month-to-month gross GST assortment for the second quarter of the continued monetary yr (2021-2022) witnessed a 5 per cent surge with ₹1.15 lakh crore than the typical month-to-month assortment of ₹1.10 lakh crore within the first quarter of the yr. “This clearly signifies that the financial system is recovering at a quick tempo. Coupled with financial development, anti-evasion actions, particularly motion towards faux billers have additionally been contributing to the improved GST collections,” the assertion added.
The central authorities additionally launched a GST compensation of ₹22,000 crore to states and UTs to satisfy their GST income deficit.
This growth comes after Union finance minister Nirmala Sitharaman chaired the primary bodily GST Council assembly on September 17 together with her state counterparts. Within the assembly, many important selections have been made, together with the transfer to make meals supply corporations resembling Swiggy and Zomato, to gather and pay the GST as a substitute of the eating places they decide up meals from. Different selections included exemption of GST from life-saving medicine like Zolgensma – costing ₹16 crore every, used to deal with Spinal-Muscular Atrophy, and lengthening concessional GST charges on sure coronavirus illness (Covid-19) medicines – Remdesivir and extra – from September 30 to December 31, 2021.
Nonetheless, any choice concerning GST on fuels – petrol and diesel, is but to be made. After the assembly, Sitharaman stated the GST Council mentioned the matter in step with the instructions of the Kerala Excessive Court docket, and a consensus on not being the appropriate time was reached.