GST collection beats all previous records, reaches 1 Lakh Crore

GST collection in March 2018-19 has been the highest ever since the introduction of the indirect tax regime with the government recording a 15.6 percent growth in revenue over 2017-18. The total GST collections for March stood at Rs 1,06,577 crore.

Of this, the total Central Goods and Services Tax (CGST) stood at Rs 20,353 crore, State Goods and Services Tax (SGST) collected was Rs 27,520 crore and Integrated Goods and Services Tax (IGST) was at Rs 50,418 crore.

IGST included Rs 23,521 crore worth of imports. Cess collected stood at Rs 8,286 crore. This included Rs 891 crore collected on imports.

The total revenue earned by the central and the state governments after regular and provisional settlement in the month of March was Rs 47,614 crore for CGST and Rs 51,209 crore for the SGST.

The total number of GSTR 3B returns, a tax return form necessary to be filed for GST registrants, filed for the month of February till March 31 was 75.95 lakh.

“These figures indicate that revenue growth has been picking up in recent months, despite various rate rationalization measures,” Finance Ministry said in a statement on April 1.

The revenue collected in March 2018 was Rs 92,167 crore. Average revenue of Rs 98,114 crore was collected each month in the financial year 2018-19, which was 9.2 percent higher than that collected in 2017-18.




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