GST collections grew to a record higher of Rs 1.23 lakh crore in March 2021, crossing the Rs 1 lakh crore-mark for the sixth month straight, indicating fast financial recovery post-pandemic, the finance ministry stated on Thursday. Ministry of Finance stated that closer monitoring against fake-billing, deep information analytics working with information from numerous sources such as GST, Income-tax and Customs IT systems and productive tax administration have also contributed to the steady raise in tax income more than the final couple of months.
The gross GST income collected in March 2021 is Rs 1,23,902 crore, of which Central GST is Rs 22,973 crore, State GST is Rs 29,329 crore, Integrated GST is Rs 62,842 crore (such as Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (such as Rs 935 crore collected on import of goods).
GST income in March final year was Rs 97,590 crore. In line with the trend of recovery in the GST revenues more than the previous 5 months, the revenues for the month of March 2021 are 27 per cent greater than the GST revenues in the identical month final year. “During the month, revenues from import of goods were 70 per cent higher and the revenues from the domestic transaction (including import of services) are 17 per cent higher than the revenues from these sources during the same month last year,” the ministry stated in a statement.
GST revenues have crossed Rs 1 lakh crore-mark sixth time in a row and topped Rs 1.1 lakh crore for the fourth consecutive month post-pandemic. The GST income witnessed a development price of (-) 41 per cent, (-) 8 per cent, 8 per cent and 14 per cent in the initial, second, third and fourth quarters of FY21, respectively, as compared to the identical period final year. This indicated the trend in the recovery of GST revenues as properly as the economy as a complete. GST collections, an indicator of financial activity, had plunged to an all-time low of Rs 32,172 crore in April 2020, on the back of nationwide lockdown to curb the spread of COVID-19.