Quick Summary
Goods and Services Tax (GST) collections in September, reflecting actual business transactions for the previous month, may come close to the Rs. 1.50 lakh crore mark with a record 78.21 million e-way bills being generated in the month of August, two people familiar with the data said. According to the current trend, gross GST revenues in September may have already crossed Rs. 1.47 lakh crore, they added, requesting anonymity. The Union finance ministry is scheduled to release the GST collecti
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FAQ :
GST collections for September are projected to be close to Rs. 1.5 lakh crore, with current trends suggesting it may have already surpassed Rs. 1.47 lakh crore.
The robust collections are attributed to strong business activities, ease of compliance, and improved tax administration, as evidenced by the increase in e-way bills.
A record 78.21 million e-way bills were generated in August, a 19% increase compared to August 2021.
E-way bills are required for the movement of goods worth Rs. 50,000 and above and serve as an indicator of business transactions and potential GST collections.
Yes, GST collections have been above the Rs. 1.4 lakh crore mark for the last six consecutive months.
Revenue secretary Tarun Bajaj has set a new target of Rs. 1.5 lakh crore in monthly collections from November onwards.
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