November 29, 2022

Aone Punjabi

Nidar, Nipakh, Nawi Soch

New record of GST collection

2 min read
  • In March 2020, there was a GST collection of Rs 97,590 crore.
  • GST collection crosses 1 lakh crore for 6 consecutive months
  • 27% more revenue this year than in March 2020

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. In March 2020, there was a GST collection of Rs 97,590 crore. This is the sixth consecutive month when the GST collection has crossed Rs 1 lakh crore.

  • Highest ever collection since GST implementation

In a statement issued by the Finance Ministry, it has been the highest ever tax collection in March 2021 after the implementation of the GST system. Along with this, the trend of the fast continues for the last 5 months. The GST collection has been 27% higher this year as compared to March 2020. According to the data, GST from import of goods has grown by 70%, while revenue from domestic transactions has gone up by 17%.

The record collection of GST in March.  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.

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. According to the data, the GST collection declined by 41% in the first quarter and 8% in the second quarter for the financial year 2020-21 ended on 31 March. While 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. But this is the first time that GST collection has been above 1 lakh crore for 6 consecutive months. Also, the record of highest collection in any one month has also been named as of March 2021. GST collection 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.

  • 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 collection 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. While the total collection was Rs 1,13,143 crore.

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