Editor's Pick: Gross GST growth slows to 10.2% in September

Growth in the country’s Goods and Services Tax (GST) slowed to a 27-month low of 10.2% in September albeit collections improving 2.3% over August revenues to scale approx. Rs 1.63 lakhs. Overall, August was the fourth instance when GST collections went past Rs 1.60 lakh crore mark in the 2023-24 financial year. Revenues from domestic transactions, including services imports, were 14% higher than the tax collected from these sources in September 2022. Inflows from import of goods recovered from two months of contraction to grow 3% in August but shrank again in September – although by a fraction. The Finance Ministry did not specify the extent of decline in its statement. However, back-of-the-envelope calculations show that GST revenues from goods imports dropped 0.11% from last September. Tax experts reckon the slowing of the rise in September could have been spurred by businesses settling pending tax dues since the start of the GST regime in 2017-18. “With normal period of limitation for the financial year 2017-18 ending on September 30, some of this increased collection could be linked to businesses having settled issues with payment of taxes for the said period,” said Abhishek Jain, indirect tax head and partner at KPMG. Revenues from the indirect tax may rise further with the festive season around the corner, he added. Revenues in strife-torn Manipur, which recovered from a contraction in August recorded the highest growth among states in September. Telangana’s growth scaled 33%, Jammu and Kashmir 32%, Arunachal Pradesh 27%, Tamil Nadu 21% and Karnataka 20%- among the other top performers. Bihar was the only state to report an actual contraction in GST collections in September. Revenues from GST were down 5%. The Hindu’s Editorials Change in the Maldives: On the new leader, Mohamed Muizzu Victory for the weak: On justice and the Vachathi verdict The Hindu’s Daily News Quiz Name India’s tennis mixed doubles pair who claimed gold in the Asian Games. Rohan Bopanna and Rutuja Bhosale Ramkumar Ramanathan and Ankita Raina Rutuja Bhosale and Ramkumar Ramanathan Rohan Bopanna and Karman Kaur To know the answer and to play the full quiz, click here. [logo] Editor's Pick 02 October 2023 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow] Open in browser [Mail icon] More newsletters Gross GST growth slows to 10.2% in September Growth in the country’s Goods and Services Tax (GST) [slowed to a 27-month low of 10.2%]( in September albeit collections improving 2.3% over August revenues to scale approx. Rs 1.63 lakhs. Overall, August was the fourth instance when GST collections went past Rs 1.60 lakh crore mark in the 2023-24 financial year. Revenues from domestic transactions, including services imports, were 14% higher than the tax collected from these sources in September 2022. Inflows from import of goods recovered from two months of contraction to grow 3% in August but shrank again in September – although by a fraction. The Finance Ministry did not specify the extent of decline in its statement. However, back-of-the-envelope calculations show that GST revenues from goods imports dropped 0.11% from last September. Tax experts reckon the slowing of the rise in September could have been spurred by businesses settling pending tax dues since the start of the GST regime in 2017-18. “With normal period of limitation for the financial year 2017-18 ending on September 30, some of this increased collection could be linked to businesses having settled issues with payment of taxes for the said period,” said Abhishek Jain, indirect tax head and partner at KPMG. Revenues from the indirect tax may rise further with the festive season around the corner, he added. Revenues in strife-torn Manipur, which recovered from a contraction in August recorded the highest growth among states in September. Telangana’s growth scaled 33%, Jammu and Kashmir 32%, Arunachal Pradesh 27%, Tamil Nadu 21% and Karnataka 20%- among the other top performers. Bihar was the only state to report an actual contraction in GST collections in September. Revenues from GST were down 5%. The Hindu’s Editorials [Change in the Maldives: On the new leader, Mohamed MuizzuÂ]( [Victory for the weak: On justice and the Vachathi verdict]( The Hindu’s Daily News Quiz Name India’s tennis mixed doubles pair who claimed gold in the Asian Games. - Rohan Bopanna and Rutuja Bhosale - Ramkumar Ramanathan and Ankita Raina - Rutuja Bhosale and Ramkumar Ramanathan - Rohan Bopanna and Karman Kaur To know the answer and to play the full quiz, [click here.]( [Sign up for free]( Today’s Best Reads [[Hangzhou Asian Games | Avinash Sable, Tajinderpal Singh Toor strike gold as India has a field day] Hangzhou Asian Games | Avinash Sable, Tajinderpal Singh Toor strike gold as India has a field day]( [[Four arrested in Manipur for abduction, killing of two Meitei students] Four arrested in Manipur for abduction, killing of two Meitei students]( [[How government agencies use commercial spyware to target opponents | Explained] How government agencies use commercial spyware to target opponents | Explained]( Copyright @ 2023, THG PUBLISHING PVT LTD. 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