Goods and Services Tax Under this, the revenue collected for March 2021 across the country has broken the record so far. A total GST revenue of Rs 1,23,902 crore has been collected in March, 2021. The Finance Ministry has a Press release release Has The GST collection rose to a record high of Rs 1.23 lakh crore in March, a 27 per cent increase over the same period last year.
This time, under the collection, CGST i.e. collection for the central government is Rs 22,973 crore, SGST means collection for the states is Rs 29,329 crore and IGST i.e. Integrated means Rs 62,842 crore tax has been collected on interstate supplies, (31,097 on import of goods in it. Crore rupees) and 8,757 crore rupees has been collected from the cess, (935 crores rupees has been collected on import of goods).
The ministry has said that the government has fixed an amount of 21,879 crore for IGST to CGST and 17,230 for SGST. The Center has fixed Rs 28,000 crore between the Center and the states under the IGST ad-hoc settlement. With this, the total CGST for March 2021 has been Rs 58,852 crore and total SGST is Rs 60,559 crore. The Center has also released a compensation of Rs 30,000 crore to the states this month.
The ministry said, ‘GST revenue has been more than one lakh crore rupees during the last six months, and the trends of rapid growth in this period indicate clear signs of economic recovery after the epidemic.’ The ministry further said that there was a deep surveillance against fake-billing using data from multilateral sources including GST, Income Tax and Customs IT system, which contributed to revenue collection.
The ministry said in a statement, “GST revenue during March 2021 is the highest since the introduction of GST. In line with the trend of GST revenue collection in the last five months, the revenue collection in March 2021 is 27 percent more than the same period last year.
(With input from language)