The average monthly gross GST collection for the second quarter of this year has been Rs 1.15 lakh crore, which is 5% beyond the common monthly collection of Rs 1.1 lakh crore within the half-moon of the year.
It’s expected that the positive trend within the revenues will continue and also the 1/2 the year will post higher revenues,” the ministry of finance said during an awfully very statement. Even as the weighted average GST rate continues to be around 11% against the revenue-neutral rate computed of a touch over 15% and major items like auto fuels are still outside the online, the collections have shown an upswing for several months till the pandemic’s second wave hit businesses, recovering quickly after taking success in June (Rs 92,849 crore).
GST collections from key manufacturing states such as Maharashtra, Tamil Nadu, Gujarat, and Karnataka showed year-on-year growth of 21-29% in September.
Even as the weighted average GST rate continues to be around 11% against the revenue-neutral rate computed of a touch over 15% and major items like auto fuels are still outside the online, the collections have shown an upswing for several months till the pandemic’s second wave hit businesses, recovering quickly after taking success in June (Rs 92,849 crore).
During September, the revenues from the domestic transactions (including import of services) are 20% over the revenues from these sources during the identical month last year. It’s expected that the positive trend within the revenues will continue and also the 1/2 the year will post higher revenues,” the ministry of finance said during a very very statement.
Pared with just 17.4% of the corresponding target reported in the year-ago period. The average monthly gross GST collection for the second quarter of this yr has been Rs 1.15 lakh crore, which is 5% beyond the common monthly collection of Rs 1.1 lakh crore within the half-moon of the year.
“The release of GST compensation cess of Rs. 22,000 crore will benefit the states’ income situation, allowing accelerated spending in Q3 FY2022, complementing the expected boost to central government spending after the easing of money management guidelines,” added Nayar.
The economy posted a 20.1 percent growth in the first quarter of the fiscal on a low base of the last year and is estimated to expand by around 7 percent in the second quarter.
Manufacturing states such as Tamil Nadu, Maharashtra, and Karnataka have posted an over 20 percent growth in collections compared to last year. Odisha posted a 40 percent growth over the same period last year.
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