At almost Rs 1.24 trillion, the GST revenue collections in March 2021 were the highest since the tax system’s introduction in July 2017, government explained. Also, the collections were up 27 per cent when compared with the year-ago period. In this article, we will discuss on GST collections March 2021.
GST Collections March 2021
GST revenues during March 2021 are the biggest since introduction of GST. In line with the trend of healing in the GST revenues over past five months, the revenues for the month of March 2021 are 27 per cent bigger than the GST revenues in the same month last year,” the ministry of finance explained in a statement.
The ministry explained that the GST revenues were above Rs 1 trillion for the last six months and a steep improving trend over this period are apparent indicators of rapid economic recovery post pandemic.
Also, Closer monitoring against fake-billing, deep data analytics utilizing data from numerous sources comprising GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the constant increase in tax revenue over last few months,” it announced.
Further Notification by Central Government
Further, the total revenue obtained, CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (comprising Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (comprising Rs 935 crore collected on import of goods).
The government has finalized Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as formal settlement. In addition, Centre has also relieved Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 among Centre and states.
The total revenue of Centre and the states after regular and ad-hoc payments in March is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. Centre has also published a compensation of Rs 30,000 crore during the month of March 2021.
During the month, revenues from import of goods was 70 per cent higher and the earnings from domestic transaction (comprising import of services) are 17 per cent higher than the revenues from these references during the same month last year.