Muristek
GST collection rises to all-time high of Rs 1.42 lakh-crore in March; revenues cross target on anti evasion steps, higher imports
New Delhi, April 1
The Centre's Goods and Services Tax (GST) collection in March touched an all-time high of over Rs 1.42 lakh-crore due to rate rationalisation and anti-evasion steps, said the Union Finance Ministry on Friday. The last high was Rs 1.41 lakh-crore mopped up in January this year.
The healthy collections helped exceed the revised budget target of Rs 5.70 lakh-crore for fiscal 2021-22 that ended on March 31.
The average monthly gross GST collection in the last quarter (January-March) stood at Rs 1.38 lakh-crore, against the average collection of Rs 1.10 lakh-crore, Rs 1.15 lakh-crore and 1.30 lakh-crore in the first, second and third quarters, respectively.
"Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure,'' said the Finance Ministry statement.
Another reason for the record collection was the higher intake from imports. In March, Rs 39,131 crore was collected on import of goods under IGST and another Rs 981 crore from cess on import of goods, making it a total of Rs 41,112 crore from imports which was higher by 6,627 crore as compared to last month. In February, when gross collections were Rs. 1.33 lakh-crore, Rs 33,837 crore was collected on import of goods under IGST and another Rs 638 crore from import cess, making it a total of Rs 34,375 crore from imports.
Of the gross GST revenue, Central GST was Rs 25,830 crore, State GST Rs 32,378 crore, Integrated GST Rs 74,470 crore and cess was Rs 9,417 crore.