New Delhi: After lifting of coronavirus-induced lockdown, economic activity increased leading to record GST revenue collection of Rs 1,23,902 crore in the month of March, 2021.
GST revenue collection was more than Rs one lakh crore for the sixth consecutive month in March, ministry of Finance said in a statement on Thursday.
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.
Since October 2020, the GST revenue structure has remained constant over one lakh crore rupees. In October 2020, Rs 105,155 crore GST revenue was collected, Rs 104,963 crore in November 2020, Rs 115,174 crore in December 2020, Rs 119,875 crore in January this year and Rs 113143 lakh crore in February.
GST revenue in March 2021 is 27 per cent more than the revenue collected in the same month last year.
The gross GST revenue collected in the month of March 2021 is at a record of 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).
The 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.