GST revenues for March 2021 touches all-time high of Rs 1.23 lakh crore: Finance Ministry

The Finance Ministry said on Thursday, Goods and service tax (GST) revenue touched an all-time high in March 2021, with the government collecting nearly Rs 1.23 lakh crore in March 2021. This is a 27% growth over the year-ago period.

GST collections for March are 27% higher than the same month last year and are 14% higher in January-March quarter FY21 versus the full fourth quarter for FY20.

"The Ministry has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in a 50:50 ratio between the Centre and the states/UTs. The total revenue of the Centre and the states after regular and ad-hoc settlements in the month of March 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST," read a statement from the Ministry.

Key-points on GST

The Centre released compensation of Rs 30,000 crore in March 2021.

Revenues from the import of goods have been 70% higher, and that from domestic transactions have been 17% higher.

Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems, and effective tax administration have also contributed to the steady increase in tax revenue over the last few months.

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 2.62 lakh crore to more than 2.38 crore taxpayers.

Refunds have been issued from April 1, 2020, to  March 31, 2021, an increase of 43.2% from last year.

The gross GST revenue collected in the month of March 2021 stood at Rs 1,23,902 crore.

This includes Central GST - Rs 22,973 crores, state GST - Rs 29,329 crores, integrated GST - Rs 62,842 crores.

Rs 31,097 crores is collected on import of goods and cess is Rs 8,757 crores (including Rs 935 crores collected on import of goods).