GST collections in March touched a document excessive of over Rs 1.23 lakh crore, a 27 per cent progress over the year-ago interval, the Finance Ministry mentioned on Thursday.
“GST revenues crossed above Rs 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 mentioned.
Closer monitoring in opposition to fake-billing, deep knowledge analytics utilizing knowledge from a number of sources together with GST, earnings tax and customs IT programs and efficient tax administration have additionally contributed to the regular improve in tax income over previous couple of months, it added.
The gross GST income collected within the month of March 2021 stood at Rs 1,23,902 crore, of which central GST is Rs 22,973 crore, state GST is Rs 29,329 crore, built-in GST is Rs 62,842 crore (together with Rs 31,097 crore collected on import of products) and cess is Rs 8,757 crore (together with Rs 935 crore collected on import of products).
“GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27 per cent higher than the GST revenues in the same month last year,” the ministry mentioned in an announcement.
