GST mop-up hits record Rs 1.23 lakh crore in March

New Delhi: In line with the trend of constant recovery in GST revenues over the past five months, the gross goods and services tax (GST) revenue collected in March 2021 stood at a record high of over Rs 1.23 lakh crore.

The total revenues earned for the month are 27 per cent higher than the GST
collected in the same month last year, according to finance ministry data
released on Thursday.

"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)," the ministry said.

The GST collections for March this year is the six consecutive month of revenue crossing Rs 1-lakh crore mark. The finance ministry said that a steep increasing trend over this period is a clear indicator of a rapid economic recovery post-pandemic.

"The revenues from import of goods was at 70 per cent higher and the revenues from domestic transaction (including import of services) are 17 per cent higher than the revenues from these sources during the same month last year. The GST revenue witnessed growth rate of (-) 41 per cent, (-) 8 per cent, 8 per cent and 14 per cent in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year," it said. The Centre has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST.