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Friday, June 14, 2024

GST mop-up increased by 10% to above Rs 1.62 lakh crore in September and will surpass Rs 1.60 lakh crore for the fourth time in FY 2024

<p>GST revenues grew by 10% to above Rs 1.62 lakh crore in September, helped by greater compliance, and over Rs 1.6 lakh crore for the fourth time this fiscal year.<img decoding=”async” class=”alignnone wp-image-215061″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-gst-mop-up-increased-by-10-to-above-rs-1-62-lakh-crore-in-september-and-will-surpa.jpg” alt=”theindiaprint.com gst mop up increased by 10 to above rs 1 62 lakh crore in september and will surpa” width=”852″ height=”477″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-gst-mop-up-increased-by-10-to-above-rs-1-62-lakh-crore-in-september-and-will-surpa.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-gst-mop-up-increased-by-10-to-above-rs-1-62-lakh-crore-in-september-and-will-surpa-150×84.jpg 150w” sizes=”(max-width: 852px) 100vw, 852px” title=”GST mop-up increased by 10% to above Rs 1.62 lakh crore in September and will surpass Rs 1.60 lakh crore for the fourth time in FY 2024 9″></p>
<p>Last month, gross GST receipts were Rs 1,62,712 crore. From this total, the following amounts were deducted: cess was Rs 11,613 crore, central GST was Rs 29,818 crore, state GST was Rs 37,657 crore, integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods), and it was Rs 83,623 crore.</p>
<p>According to a statement released by the finance ministry on Sunday, income in September 2023 was 10% more than the GST revenue of Rs. 1.47 lakh crore in the same month last year.</p>
<p>“During the month, domestic transaction revenues (including service import revenues) increased by 14% over those from same sources in the same month previous year. The total GST revenue in FY 2023–24 exceeded Rs 1.60 lakh crore for the fourth time, according to the statement.</p>
<p>Gross GST receipts for the first six months (April through September) of FY24 was Rs 9,92,508 crore, up 11% over the same time in 2017.</p>
<p>In April through September of FY24, the average monthly gross collection was Rs 1.65 lakh crore, which was 11% more than the same period in 2013.</p>
<p>According to KPMG Indirect Tax Head Abhishek Jain, part of this enhanced collection might be attributed to enterprises that have resolved problems with paying taxes for the relevant period because the customary period of limitation for FY17–18 concluded on September 30.</p>
<p>With the holiday season quickly approaching, he added, even if Rs 1.6 lakh crore or more seems to be the new normal, this might become much more.</p>
<p>M S Mani, a partner at Deloitte India, believes that the September GST revenues bode well for the upcoming holiday season and are consistent with other high frequency indicators that show an improvement in the economy.</p>
<p>Rising domestic transaction receipts are a sign that the government’s ‘Make in India’ initiatives are beginning to have an effect, according to EY Tax Partner Saurabh Agarwal, who also stated that higher GST collection shows that the economy is still on a steady development track.</p>
<p>According to Agarwal, consistent increases in revenues in J & K, Manipur, Arunachal Pradesh, and Ladakh show higher consumption in these regions.</p>
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