Goods and Services Tax (GST) collections hit an all-time high of Rs 1,23,902 crore in March, data released by Finance Ministry showed. On a monthly basis GST collections rose by 9.5 per cent from Rs 1,13,143 crore in February. “GST revenues crossed above 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,” Finance Ministry said in a press release.
The government settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as a 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.
According to the Finance Ministry, the gross GST revenue collected in March 2021 stood at Rs 1,23,902 crore, of which central GST or CGST is Rs 22,973 crore and state GST or SGST is Rs 29,329 crore. Also, of the same amount, the integrated GST 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 GST revenue during March 2021 is the highest since the introduction of the GST system by the government. In line with the trend of recovery in GST revenues over the past five months, the revenues for March 2021 are 27 per cent higher than the GST revenues in the corresponding month last year.