The GST revenues during March 2021 are the highest since the introduction of GST. At Rs 1.23 trillion, the revenues for the month of March 2021 are 27 per cent higher than the GST revenues in the same month last year.
The GST collections for March 2021 touched an all-time high of about Rs 1.23 trillion, the Finance Ministry said on Thursday.
The ministry said that in 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.
During the month, revenues from import of goods were 70 per cent higher and the revenues from domestic transaction (including import of services) were 17 per cent higher than the revenues from these sources during the same month last year, the ministry said.
“The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST 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),” the ministry said.
GST revenues had topped Rs 1 lakh crore in nine out of 12 months of the 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the Covid-19 pandemic.
Revenue in April was Rs 32,172 crore, followed by Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, and Rs 86,449 crore in August. Collections in September were Rs 95,480 crore, Rs 1,05,155 crore in October, Rs 1,04,963 crore in November and Rs 1,15,174 crore in December. In January, the GSt revenue touched Rs 1,19,847 crore and in February it was Rs 1,13,143 crore
“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 said.
“The GST revenue witnessed 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 this financial year, respectively, as compared to the same period last year, clearly indicating the trend in the recovery of GST revenues as well as the economy as a whole,” it said.