India's total GST receipts in March reached a new high of Rs 1,23,902 crore. After October 2020, GST sales have surpassed Rs 1 lakh crore for the sixth month in a row.
According to the ministry, indirect tax receipts in March were 27 % higher than in March 2020. In March, the revenue from goods imports was 70% higher than a year before. And the revenue from domestic transactions was 17% higher this year. “GST sales in March 2021 were at their highest level since the launch of GST”. the statement was by the finance minister.
“GST sales have consistently surpassed the 1 lakh crore mark over the last six months. And a steeply rising over this timeframe are signs of economic recovery post-pandemic. It cited a 14 percent increase in revenues in the fourth quarter of 2020-21. when compared to a 41% decrease in the first lockdown it hit a quarter.
Apart from the Economy's turnaround, GST collections have improved in recent months. And this is due to stricter anti-fraud surveillance, deep data analytics using data from various sources like GST, Income-tax, Customs IT systems, and effective tax administration, according to the ministry.
The CGST collection for the month was 22,973 crore.
The SGST was 29,329 crore
The IGST was 62,842 crore,
The Cess was 8,757 crore
After daily and ad-hoc settlements in March, the combined revenue of the Centre and the states is Rs 58,852 crore for the CGST. And it is Rs 60,559 crore for the SGST. In March 2021, the Centre has released a payout of Rs 30,000 crore. Revenues from imports of commodities were 70% higher during the month. And revenues from domestic sales were 17% higher than in the same month last year.
The GST revenue increased by (-) 41%, (-) 8%, 8%, and 14% in the first, second, third, and fourth quarters of this fiscal year, respectively. It is compared to the same timeframe last year. Clearly, it shows the trend in GST revenue recovery as well as the economy as a whole.