A new record of Rs 1,23,902 crore in form of Goods and Service Tax (GST) revenue was collected in the month of March 2021, the Ministry of Finance said on April 1.
“The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which 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),” an official release stated.
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 percent higher than the GST revenues in the same month last year.
During the month, revenues from import of goods were 70 percent higher and the revenues from domestic transaction (including import of services) were 17 percent higher than the revenues from these sources during the same month last year, the ministry said.
“The GST revenue witnessed growth rate of (-) 41%, (-) 8%, 8% and 14% in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year, clearly indicating the trend in recovery of GST revenues as well as the economy as a whole,” it further added.
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.
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, the government claimed.
Among states, the maximum year-on-year growth in revenue collection, during the month of March 2021, was recorded by Manipur (40 percent), followed by Arunachal Pradesh (38 percent), Tripura (31 percent) and Jammu & Kashmir (31 percent).
Odisha recorded a YoY growth in GST collection of 25 percent, Chhattisgarh 22 percent and Delhi 20 percent. Uttar Pradesh recorded 18 percent growth in revenue, Maharashtra 14 percent and Madhya Pradesh witnessed a surge of 13 percent.