GST collection rises to all-time high of Rs1.23 lakh cr in March

New Delhi, April 1

GST collection remained above the Rs 1 lakh crore-mark for the sixth month in a row in March, rising 27% annually to record Rs 1.23 lakh crore, the Finance Ministry said on Thursday.

The ministry said the steep increasing trend in goods and services tax is a clear indication of rapid economic recovery post pandemic.

27% growth over year-ago period

The goods and services tax collection witnessed a 27% growth over the year-ago period. This is the highest revenue since the introduction of GST in 2017

GST revenue in March 2020 was Rs97,590 crore

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 past few months, it added.

The gross GST revenue collected in March stood at Rs 1,23,902 crore. Of this, central GST was Rs 22,973 crore, state GST Rs 29,329 crore, integrated GST Rs 62,842 crore and cess Rs 8,757 crore (including Rs 935 crore collected on import of goods). — PTI