GST revenue collected in the month of September 2022

GST revenue collected in the month of September 2022: According to the data issued by the government, the gross revenue from the goods and services tax (GST) increased by 26% year over year to Rs 1,47,686 crore in September 2022.

GST revenue collected in the month of September 2022: Key Points

• The total amount of GST income collected in the month of September 2022 was Rs 1,47,686 crore, of which CGST was Rs 25,271 crore, SGST was Rs 31,813 crore, IGST was Rs 80.464 crore (including Rs 11,215 crore collected on imports), and Cess was Rs 10,137 crore (including Rs1,856 crore collected on imports).
• After monthly settlements in the month of September 2022, the combined income of the Centre and the States is 57,151 crore for the CGST and 59,216 crores for the SGST.
• In comparison to the same month last year, the revenues for September 2022 are 26% greater than the GST revenues. In comparison to the same month last year, the revenue from imports of products was up 39%, while the revenue from domestic transactions, which includes imports of services, was up 22%.
• The monthly GST collections have exceeded the threshold of 1.4 lakh crore for the eighth consecutive month and the seventh month in a row. GST revenue has increased by 27% through September 2022 in comparison to the same period in the previous year, continuing to show very good buoyancy.
• 20th September saw the second-highest single-day collection of Rs. 49,453 crores with the second-highest number of challans filed 8.77 lakh. This collection was only surpassed by the Rs. 57,846 crores collected on July 20th, 2022, through 9.58 lakh challans, which pertained to end-of-year returns. This demonstrates unequivocally that the GSTN-maintained portal has reached full stabilization and is error-free. Another significant milestone was reached in September when, 72.94 lakh e-invoices and 37.74 lakh e-way bills, collectively totaling more than 1.1 crores, were generated on the NIC site without a glitch.

What is GST?

• The 101st Constitutional Amendment Act established it.
• It is an indirect tax for the entire nation along the lines of “One Nation, One Tax” to create a single Indian market.
• It is a destination-based tax system.
• Instead of the entire supply chain as was the case in the past, just the end customer will be responsible for his portion of the tax.
• It is a single tax that applies to the provision of goods and services across their full life cycle, from manufacturing to customer.
• There is a provision for the GST Council, whose chairman is the finance minister, to decide on any GST-related topic.