GST Collection Set New Record, Hit an All Time High of Rs 1.24 Lakh Crore in March

GST Collection Set New Record

GST Collection: The country’s economy is constantly improving. This is the reason that the Goods and Services Tax (GST) collection set a new record in March. According to government data, the GST collection in March stood at Rs 1,23,902 crore. It has grown by 27% compared to the same period a year ago. The GST collections stood at Rs 97,590 crore in March 2020. This is the sixth consecutive month when the GST collections has crossed Rs 1 lakh crore.

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The Finance Ministry said that after the GST came into force, March 2021 has been the highest ever tax collection. Also, the trend of boom continues for the last 5 months. According to the data, GST from import of goods has grown by 70%, while revenue from domestic transactions has gone up by 17%.

Confirmation on Bhaskar’s News

Bhaskar’s news has also been sealed with the record collections of GST in March. Bhaskar had told last week that the GST collection could be close to Rs 1.25 lakh crore in March. The surge in the GST collection has contributed to the fraud of fake companies and bills. Its GST network has greatly strengthened its IT system. GST teams are scrutinizing large-scale companies in all states.

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How Much Collection did You Get?

According to the data, the government has received Rs 22,973 crore from CGST, Rs 29,329 crore from SGST and Rs 62,842 crore from IGST. The IGST also includes Rs 31,097 crore from goods imported and Rs 8,757 crore recovered as cess. Out of IGST, 21,879 crores have been settled in CGST and 17,320 crores in SGST. The GST collections declined by 41% in the first quarter and 8% in the second quarter for the fiscal year 2020-21, which ended on 31 March. There was 8% growth in the third quarter and 14% in the fourth quarter. 

GST was Implemented in 2017

GST came into force in 2017. This is the first time that the GST collections has been above 1 lakh crore for 6 consecutive months. The record of highest collection in any one month has also been named as of March 2021. GST collections was 1.05 lakh crore in October, 1.04 lakh crore in November, 1.15 in December, 1.19 in January and 1.13 lakh crore in February.

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3996 Crore Collection Every Day in March

The total GST collection in March stood at Rs 1,23,902 crore. If it is divided equally in 31 days, then there is a GST collections of Rs 3996 crore everyday. However, it has been less since February in terms of daily. The daily collection was around Rs 4035 crore in February. The total collection was Rs 1,13,143 crore.

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