But the minister was silent on Rajan's criticism of the note-ban, which has disrupted everyone's life in general and that of small traders and small businesses in particular.
"Over Rs 11,900 crore has been released to the states from GST compensation fund during August-September after regular and ad-hoc settlement of IGST fund," an official told PTI.
Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years -- 2012 to 2016 -- India was growing at a faster pace before it was hit by two major headwinds.
The finance minister attributed the rise in the tax mop-up to lower tax rates and higher compliance.
The GSTR-3B of a particular month has to be filed by the 20th day of the subsequent month. The deadline for September return filing was October 20.
Modi said that in the last 4-5 years, the kitty of National Calamity Contingent Duty (NCCD) has been declining and especially after the GST.
Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said.
"With the current trend for GST mop-up, it is expected that the monthly collections could again touch Rs 1 lakh crore around November and December," an official said.
"The revenue collected in September shows an upward trend as compared to the August collection," the Finance Ministry said.
Political parties, including Congress, have been demanding that the petrol and diesel be brought under the GST so that duties on them can come down that will reflect in lower prices at the pump.
The panel, headed by Union Finance Minister Arun Jaitley and comprising of representatives of all states and UT, also took stock of the shortfall in tax mop up by majority of the states under the new indirect tax regime.
Jaitley said that the deficit in revenue collection targets of states under the GST came down to 13 per cent till August this year compared to 16 per cent last year.
E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST). States too can levy up to 1 per cent TCS under State GST (SGST) law.
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GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.
CII President Rakesh Bharti Mittal noted that GST, reforms in Ease of Doing Business, FDI, labour, agriculture, and many other initiatives aimed at improving the overall investment climate.
On July 1, 2017, the GST was implemented. The Centre, ahead of its rollout, had gone for an intense media campaign to create awareness about the new tax regime.
Goods and Services Tax (GST) revenue for August was the lowest in the five months so far this fiscal. In July the collection was Rs 96,483 crore, in June it was Rs 95,610 crore, in May Rs 94,016 crore and in April Rs 1.03 lakh crore.
Speaking to reporters on the sidelines of an ICC seminar here today, Ghosh said that the rupee had experienced an orderly depreciation as it moved from Rs 64 to a dollar to Rs 70 over a span of five to six months.
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