According to data released by Finance Ministry, the Goods and Service Tax (GST) collections witnessed a 27 per cent growth over a year as it touched a record high of over INR 1.23 lakh crores.
An official statement by the ministry revealed that the gross revenues during March 2021 are the highest since the introduction of GST.
GST revenues crossed above INR 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, the ministry said.
Of the INR 1,23,902 crores revenue, Central GST was INR 22,973 crores, State GST INR 29,329 crores, Integrated GST INR 62,842 crores (including INR 31,097 crores collected on import of goods) and cess INR 8,757 crores (including INR 935 crores collected on import of goods).
The government settled INR 21,879 crores to CGST and INR 17,230 crores to SGST from IGST as a regular settlement. In addition, the Centre also settled INR 28,000 crores as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states/union territories.
The total revenue of Centre and states after regular and ad-hoc settlements in March 2021 was INR 58,852 crores for CGST and INR 60,559 crores for the SGST. The Centre also released a compensation of INR 30,000 crores during last month.
GST collection of last six months:
October 2020: INR 1,05,155 crores
November 2020: INR 1,04,963 crores
December 2020: INR 1,15,174 crores
January 2021: INR 1,19,847 crores
February 2021: INR 1,13,143 crores
March 2021: INR 1,23,902 crores
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