GST collection in FY21 : Started with record low, ends with record high

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New Delhi: India’s GST collection peaked to Rs. 1.24 lakh crore in March which is 27% higher than the collection of March 2020. This is also the highest ever monthly collection since the roll out of GST in July 2017.

With this, India has collected total Rs.11.36 lakh crore GST in the 2020-21 financial year, which is 7% lesser than 2019-20’s GST collection of 12.21 lakh crore. 

According to the data released by the finance ministry, total GST collection in March 2021 was 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 financial year started with all time low monthly GST collection of Rs.32,172 crore in April and ended with all time high monthly GST collection of Rs.1.24 lakh crore.

“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. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months” said finance ministry. 

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