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Latest New Record High in March GST collections at Rs 1.23 Lakh Crore

April 1, 2021 09:37 PM

Latest New Record High in March GST collections at Rs 1.23 Lakh Crore
Record High in March GST collections at 1,23,902 crore last month, according to the Finance Ministry. It is the first time such a large amount.

Record High in March GST collections at 1,23,902 crore last month, according to the Finance Ministry. It is the first time such a large amount of tax has been levied since the GST came into force. GST collections have crossed the Rs 1 lakh crore mark in the last six months, setting a new record. This is 27 per cent higher than the revenue in March last fiscal, the Center said.

Record High in March GST collections, Central GST accounted for Rs 22,973 crore of total GST collection, while state GST collected Rs 29,329 crore. Rs 62,842 crore in the form of integrated GST and Rs 8,757 crore in the form of cess.

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/UTs.

The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March’ 2021 is Rs  58,852 crore for CGST and Rs  60,559 crore for the SGST. Centre has also released a compensation of Rs  30,000 crore during the month of March 2021.

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The GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27% higher than the GST revenues in the same month last year.

During the month, revenues from import of goods was 70% higher and the revenues from domestic transaction (including import of services) are 17% higher than the revenues from these sources during the same month last year.

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