The finance ministry on Thursday said the gross GST revenue collections in March have set a new record since the introduction of this new tax regime. In all, Rs 1,23,902 crore has been collected, which is 27 per cent higher than the amount collected in March last year, thus indicating a trend of economic recovery.
The 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 finance ministry said. “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,” the ministry added.
The total GST collections include CGST at Rs 22,973 crore, SGST at Rs 29,329 crore, IGST Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and cess of Rs 8,757 crore (including Rs 935 crore collected on import of goods).
The government has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as a regular settlement. “Also, the Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states/UTs. The total revenue of the Centre and the states after regular and ad-hoc settlements in March 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. The Centre has also released a compensation of Rs 30,000 crore during March 2021,” the finance ministry statement said.
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The government said the higher collections are keeping in line with the trend of recovery in the GST revenues over the past five months. The GST revenues during March 2021 are the highest since the introduction of GST. The revenues for March 2021 are 27 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 70 per cent higher and the revenues from the domestic transaction (including import of services) are 17 per cent higher than the revenues from these sources during the same month last year,” the ministry said.
The trend of recovery in GST revenue can be analysed from the fact that the growth rate of (-) 41 per cent, (-) 8 per cent, 8 per cent and 14 per cent were witnessed during the first, second, third and fourth quarters of this financial year respectively, as compared to the same period last year.
