Goods and Services Tax (GST) collections set a new record in March. 1,23,902 crore last month, according to the Finance Ministry.
Gst Collections At Record High
GST collections 2021: Goods and Services Tax (GST) collections set a new record in March. 1,23,902 crore last month, according to the Finance Ministry. It is the first time such a large amount of tax has been levied since the GST came into force. GST collections have crossed the Rs 1 lakh crore mark in the last six months, setting a new record. This is 27 per cent higher than the revenue in March last fiscal, the Center said.
The latest record in GST collection. This is 27 per cent more than what was collected during the same period of the previous year. GST collections have been on the rise for the past five months. Revenue from imports of goods was 70 per cent higher in March 2021 than in March 2020, according to data released by the Finance Ministry. Revenue from domestic transactions, including import of services, was 17 per cent higher in March 2020 than in March this year, according to the Finance Ministry.
The statement said gross GST revenue collected in March 2021 was Rs 1,23,902 crore. Of this, CGST was Rs 22,973 crore, SGST Rs 29,329 crore, IGST (Rs 31,097 crore collected on imports) Rs 62,842 crore and tariffs (including Rs 935 crore collected on imports) Rs 8,757 crore.
In the nine months to 12 months of the 2019-20 financial year, GST revenue was Rs. Crossed the lakh crore mark. In the 2020-21 financial year, revenue fell due to Kovid-19. The central government has announced various incentives to keep the booming economy afloat. With this, the trade and commerce sector recovered. With this, GST collection has gone up by Rs. The Finance Ministry said the cross-mark of one lakh crore was a testament to the rapid recovery of the economy after the Kovid-19 epidemic.
Read Also⁇. IBPS Clerk Mains Result 2021: IBPS Clerk Mains Exam Results Released .. Check Like ..