The Ministry of Finance announced on April 1 that the Goods and Service Tax (GST) revenue collected in March 2021 set a new high of Rs 1,23,902 crore.
GST revenues in March 2021 were at an all-time high since the law was enacted. The GST revenues for the month of March 2021 are 27% higher than the GST revenues for the same month last year, continuing the trend of recovery in GST revenues over the previous five months.
"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)," an official release stated.
The scheme of “Special Assistance to States for Capital Expenditure was announced by the Finance Minister on 12th October, 2020 as part of #AatmanirbharBharat package. (2/3)— Ministry of Finance (@FinMinIndia) April 1, 2021
In addition, the Centre has settled an IGST ad hoc settlement of Rs 28,000 crore in a 50:50 split between the Centre and the States/Uts. Revenues from imports of goods were 70% higher during the month, and revenues from domestic transactions were 17% higher than in the same month the previous year.
In the first, second, third, and fourth quarters of this fiscal year, the GST revenue increased by (-) 41%, (-) 8%, and (-) 14%, respectively, when compared to the same period last year, clearly indicating the trend in GST revenue recovery as well as the economy as a whole.
GST revenues have consistently surpassed 1 lakh crore for the last six months, indicating a rapid economic recovery following the pandemic.
Closer monitoring of counterfeiting, in-depth data analysis using information from multiple sources including GST, customs IT and revenue tax systems and effective tax management have also helped steadily increase tax revenues in recent months.