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March GST revenue collections hit record Rs 1.24 lakh crore

By TIOL News Service

NEW DELHI, APR 01, 2021: A record Rs. 1,23,902 crore was collected in the form of Goods and Services Tax (GST) revenue in the month of March, 2021 since the introduction of the GST regime in 2017, the Finance Ministry said on Thursday.

In line with the trend of recovery in the GST revenues over the past five months, the collections in March are up 27 per cent compared to the year-ago period. Revenues from import of goods are 70 per cent higher and the revenues from domestic transactions, including import of services, are 17 per cent more than the corresponding month last year.

"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," said the Finance Ministry.

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 half between the Centre and States.

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. The government has also released a compensation of Rs. 30,000 crore during the month.

The GST revenue witnessed growth rate of negative 41 per cent (Q1), negative 8 per cent (Q2), 8 per cent (Q3) and 14 per cent (Q4) in the 2020-21 fiscal, as compared to the same period last year.

GST revenues crossed above the Rs. 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic, the ministry said.

Among the States, the maximum year-on-year growth in revenue during March, 2021 was by Manipur (40 per cent), followed by Arunachal Pradesh (38 per cent), Tripura (31 per cent) and Jammu and Kashmir (31 per cent).


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