March GST collections at an all-time high
Published On: Thursday, April 1, 2021 | By: Team KnowMyStock
The GST revenue collections in March 2021 at nearly Rs 1.24 trillion, were the highest since the tax system's introduction in July 2017, the government said today(1st April 2021). Also, the collections were up 27 percent when compared with the year-ago period. The government said that the GST revenues were above Rs 1 trillion for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post-pandemic. "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. Of the total revenue collected, CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods).
The government has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states.
Tags: GST collections
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