GST Revenue collection for March 2021 sets new record: Rs 1.24 lakh crore GST collected
GST Revenue collection for March 2021 sets new record: Rs 1.24 lakh crore GST collected
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The Goods and Service Tax (GST) collections have crossed Rs 1.24 lakh crore in March 2021. It was up by 26.96 per cent from Rs 97,590 crore in March 2020.

The gross GST revenue collected in the month of March 2021 was Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods).

This is the highest collection since the introduction of GST. GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic.

Maharashtra has seen a 14 per cent rise in GST collection in March 2021 compared with March 2020. In March 2020, the state registered a GST of Rs 15,002.11 crore whereas in March 2021, it reported Rs 17,038.49 crore in GST revenue.

In the case of Gujarat, GST collection was up by 20 per cent and Tamil Nadu was 23 per cent on March 2021 from Rs 8,197.04 crore and Rs 7,579.18 crore respectively. Karnataka saw a rise of 11 per cent from Rs 7,144.30 crore in March 2020 to Rs 7,914.98 crore in March 2021.

Ladakh witnessed a 1527 per cent rise in its GST from Rs 0.84 crore in March 2020 to 13.67 crore in March 2021.

Meanwhile, the central government has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.

The total revenue of 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.

The centre has also released a compensation of Rs 30,000 crore during the month of March 2021.The GST revenues during March 2021 are the highest since introduction of GST.

In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27 per cent higher than the GST revenues in the same month last year.

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