Home Finance State Records 40% Rise On GST

State Records 40% Rise On GST

Bhubaneswar: Odisha has collected Rs.3326 Crore of GST during September, 2021, while registering 40 Percent growth over corresponding period of 2020.

While Odisha was able to collectRs.2384 Crore in September, 2020, it has collected Rs.942 Crore more, thanks to overdrive of the State Government.

The gross GST revenue collected in the month of September 2021 is
Rs.1,17,010 crore of which CGST is Rs. 20,578 crore, SGST is Rs. 26,767 crore, IGST is Rs. 60,911 crore (including Rs. 29,555 crore collected on import of goods) and Cess is Rs. 8,754 crore (including ₹ 623 crore collected on import of goods).

The government has settled ₹ 28,812 crore to CGST and ₹ 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2021 is ₹ 49,390 crore for CGST and ₹ 50,907 crore for the SGST.

The revenues for the month of September 2021 are 23% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30% higher and the revenues from domestic transaction (including import of services) are 20% higher than the revenues from these sources during the same month last year. The revenue for September 2020 was, in itself at a growth of 4% over the revenue of September 2019 of ₹ 91,916 crore.

The average monthly gross GST collection for the second quarter of the current year has been ₹ 1.15 lakh crore, which is 5% higher than the average monthly collection of ₹ 1.10 lakh crore in the first quarter of the year. This clearly indicates that the economy is recovering at a fast pace. 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

Centre had also released GST compensation of Rs. 22,000 crore to States to meet their GST revenue gap