Punjab, Oct. 1 -- Gross GST collections rose 14.7% to Rs 2.04 lakh crore in September - a third consecutive month above Rs 2 lakh crore. Net collections, after refunds, were up 18.1% at Rs 1.77 lakh crore.
The number inside the number
Between April and September, GST from imports rose 27.1% to Rs 3.72 lakh crore. Domestic GST rose 6.1% to Rs 8.74 lakh crore.
That gap is the most important thing in this release, and it is not good news dressed as good news.
Import GST growing at four times the domestic rate does not mean Indians are buying more foreign goods in volume. It largely means the same volume costs more - crude above $100 and a rupee near 96 inflate the value on which import GST is charged.
So a chunk of this headline is the oi...