GST revenue collection for March’21 touches all time high mark

GST revenues for the month of March 2021 are 27% higher than that of the same month during the last year.

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 22,937 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore and Cess is Rs 8,757 crore.

The GST revenues are the highest in March 2021 since the introduction of GST. Also, the GST revenues for the month of March 2021 are 27% higher than that of the same month during the last year.

During the month, revenues from import of goods were 70% higher than that of the same month during the last year plus the revenues from the domestic transactions are 17% higher, as reported by LiveMint.

Apparently, there witnesses a trend in the recovery of the GST revenues as well as the economy as a whole. The respective growth rates of GST revenues are of (-) 41%, (-) 8%, 8%, and 14% in the first, second, third, and fourth quarter of this financial year respectively.

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, reports LiveMint.

Meanwhile, the center has also released a compensation of Rs 30,000 crore during the month of March 2021.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time