GST collections grew to a record high of Rs 1.23 lakh crore in March 2021, crossing the Rs 1 lakh crore-mark for the sixth month straight, indicating rapid economic recovery post-pandemic, the finance ministry said on Thursday. Ministry of Finance said that 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 the last few months.
The gross GST revenue collected in March 2021 is Rs 1,23,902 crore, of which Central GST is Rs 22,973 crore, State GST is Rs 29,329 crore, Integrated GST 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).
GST revenue in March last year was Rs 97,590 crore. In line with the trend of recovery in the GST revenues over the 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. “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 in a statement.
GST revenues have crossed Rs 1 lakh crore-mark sixth time in a row and topped Rs 1.1 lakh crore for the fourth consecutive month post-pandemic. The GST revenue witnessed a growth rate of (-) 41 per cent, (-) 8 per cent, 8 per cent and 14 per cent in the first, second, third and fourth quarters of FY21, respectively, as compared to the same period last year. This indicated the trend in the recovery of GST revenues as well as the economy as a whole. GST collections, an indicator of economic activity, had plunged to an all-time low of Rs 32,172 crore in April 2020, on the back of nationwide lockdown to curb the spread of COVID-19.