GST collection grows 23% to Rs 1.17 trn in September
Published On: Friday, October 1, 2021 | By: Team KnowMyStock
GST collection grew 23 percent in September compared to the same period last year and even surpassed the pre-covid year of 2019-20. The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery for the Coronavirus (Covid-19) battered economy. “Coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues," the finance ministry said today(1st Oct.2021). While the improvement in the collection is also evident month on month as in August the collection stood at Rs 1.12 trillion, in July, the collection stood at Rs 1.16 trillion.
“The average monthly gross GST collection for the second quarter of the current year has been Rs 1.15 trillion, which is 5 per cent higher than the average monthly collection of Rs 1.10 trillion in the first quarter of the year. This clearly indicates that the economy is recovering at a fast pace," ministry noted.
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