After the covid-19 crisis, the country’s economy is gaining momentum. This is confirmed by the March GST collection figures, which are 27% higher than in March 2020.
Received 1.23 Lakh Crore Revenue
According to the data of the Finance Ministry, the government received a gross GST revenue of Rs 1,23,902 crore in March 2021. Of this, Rs 22,973 crore was received as Central GST and Rs 29,329 crore as State GST.
More than 62 thousand crores came in IGST
While Rs 62,842 crore was received as Integrated GST. Out of the total collection of Titrated GST, Rs 31,097 crore was collected as revenue on the import of goods.
8,757 crores earned from cess only
Under GST, the government imposes cess up to 15% on some items above the rate of 28%. The income from cess is used to compensate the revenue loss of the states. The government has raised Rs 8,757 crore in revenue from this item alone in March. In this, 935 crore rupees have been raised from imported goods.
27% more GST revenue since March last year
The government informed that the GST collection for March 2021 is 27% higher than that of March last year. In March last year, the government collected a GST of Rs 97,590 crore.
More than one lakh crore for the sixth consecutive month
This is the sixth consecutive month when GST collection of more than 1 lakh crore rupees has been done in the country. The GST collection in March 2021 is the highest level ever since its introduction in 2015.
30,000 crore compensation given to states
The central government has informed that in March 2021, it released Rs 30,000 crore to the states as compensation for revenue loss. Maharashtra was the highest GST collecting state, collecting GST of Rs 17,038.49 crore.