March GST revenue highest at Rs 1.06 lakh crore
Pic Credit- a2ztaxcorp.com
New Delhi: The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore.
The collection of Rs 1,06,577 crore for March though was the highest-ever monthly collection since the introduction of GST, the Finance Ministry said in a statement.
Revenue in March grew 15.6 per cent over Rs 92,167 crore GST collection in the same month of previous year.
Out of the March collection figures, the CGST component is Rs 20,353 crore, SGST Rs 27,520 crore, IGST Rs 50,418 crore (including Rs 23,521 crore collected on imports) and cess is Rs 8,286 crore (including Rs 891 crore collected on imports).
The total number of GSTR 3B Returns filed for the month of February up to March 31, is 75.95 lakh.
Revenue for the last quarter in 2018-19 is 14.3 per cent higher than same period a year ago. Total revenue earned by the central government and the state governments after regular and provisional settlement in the month of March, 2019, is Rs 47,614 crore for CGST and Rs 51,209 crore for the SGST.
Monthly average of GST revenue during 2018-19 is Rs 98,114 crore, which is 9.2 per cent higher than FY 2017-18.
Abhishek Jain, Tax Partner, EY says:”The steep increase in GST collections is quite a welcome outcome for the economy. Some major reasons for the growth could be reconciliation by businesses of outward and inward supplies, intelligent data analytics; related tax leakage detections and consequent GST payment by businesses.”
These figures hint towards stabilisation of revenue growth under GST which has been moving up in recent months, despite various rate rationalisation measures.