GST income at file excessive of Rs 1.23 lakh cr in March; tops Rs 1 lakh cr for six months in a row

The gross GST income collected in March 2021 is Rs 1,23,902 crore, of which Central GST is Rs 22,973 crore, State GST is Rs 29,329 crore

GST collections grew to a file excessive of Rs 1.23 lakh crore in March 2021, crossing the Rs 1 lakh crore-mark for the sixth month straight, indicating speedy financial restoration post-pandemic, the finance ministry stated on Thursday. Ministry of Finance stated that nearer monitoring towards fake-billing, deep knowledge analytics utilizing knowledge from a number of sources together with GST, Revenue-tax and Customs IT programs and efficient tax administration have additionally contributed to the regular enhance in tax income over the previous few months.

The gross GST income collected in March 2021 is Rs 1,23,902 crore, of which Central GST is Rs 22,973 crore, State GST is Rs 29,329 crore, Built-in GST is Rs 62,842 crore (together with Rs 31,097 crore collected on import of products) and Cess is Rs 8,757 crore (together with Rs 935 crore collected on import of products).

GST income in March final 12 months was Rs 97,590 crore. Consistent with the development of restoration within the GST revenues over the previous 5 months, the revenues for the month of March 2021 are 27 per cent increased than the GST revenues in the identical month final 12 months. “In the course of the month, revenues from import of products have been 70 per cent increased and the revenues from the home transaction (together with import of providers) are 17 per cent increased than the revenues from these sources throughout the identical month final 12 months,” the ministry stated in an announcement.

Developments in month-to-month gross GST revenues in the course of the present 12 months

GST revenues have crossed Rs 1 lakh crore-mark sixth time in a row and topped Rs 1.1 lakh crore for the fourth consecutive month post-pandemic. GST collections, an indicator of financial exercise, had plunged to an all-time low of Rs 32,172 crore in April 2020, on the again of nationwide lockdown to curb the unfold of COVID-19.

 

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