New Delhi [India], April 1 (ANI): The gross Goods and Services Tax (GST) revenue collected in March was at a record of Rs 1.23 lakh crore, touching the highest level since its introduction, the government said on Thursday.
Of this, Central GST was Rs 22,973 crore, State GST Rs 29,329 crore, Integrated GST Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and cess Rs 8,757 crore (including Rs 935 crore collected on import of goods).
The government settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as regular settlement. In addition, Centre also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states/union territories.
The total revenue of Centre and states after regular and ad-hoc settlements in March 2021 was Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. The Centre also released a compensation of Rs 30,000 crore during last month.
“The GST revenues during March 2021 are the highest since introduction of GST,” said an official statement released by the Ministry of Finance.
In line with the trend of recovery in GST revenues over past five months, revenues for March were 27 per cent higher than the GST revenues in the same month last year. Revenues from import of goods were 70 per cent higher and revenues from domestic transaction (including import of services) were 17 per cent higher than the revenues from these sources during the same month last year.
The GST revenue witnessed a de-growth rate of 41 per cent, 8 per cent, 8 per cent and 14 per cent in the first, second, third and fourth quarters of FY21 as compared to the same period last year, indicating a trend in recovery of GST revenues as well as economy as a whole.
GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months. A steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic, said the Ministry of Finance.
Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income-tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it said. (ANI)