(Image source from: Moneycontrol.com)
March GST revenue collection hits a new Record:- The revenue generated through Goods and Service Tax (GST) for the month of March this year reached all time high and the revenue stands at 1,23,902 crores as per the reports coming from the Ministry of Finance today. "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)," told the official statement.
The GST revenue for the month of March 2021 is 27 percent higher than the GGST revenues of March 2020. The coronavirus pandemic too impacted the revenues of GST for the complete year. The GST revenues are 70 percent higher through the imports of the goods. With the economy recovering slowly, the GST revenues too started recovering. The revenues through GST crossed Rs 1 lakh crores from the last six months. The departments kept a close monitoring against the fake billing and an effective process of tax administration helped things better.
Manipur (40 percent) reported the highest year-on-growth in revenue collection and is followed by Arunachal Pradesh, Tripura and Jammu and Kashmir.