Massive! GST collection at record Rs 1.06 lakh crore in March

GST collections scaled record high of Rs 1.06 lakh crore in March, up from Rs 97,247 crore in the previous month, as compliance improved amid increased number of returns filed.

For fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore. Reuters

GST collections scaled record high of Rs 1.06 lakh crore in March, up from Rs 97,247 crore in the previous month, as compliance improved amid increased number of returns filed. "Total gross GST revenue collected in March, 2019 is Rs 1,06,577 crore of which Central GST is Rs 20,353 crore, State GST is Rs 27,520 crore, Integrated GST is Rs 50,418 crore and cess is Rs 8,286 crore," an official statement said. Total number of summary sales return GSTR-3B filed for the month of February up to March 31, stood at 75.95 lakh.

The collection in March 2019, has been highest since introduction of GST and also reflects a 15.6 per cent growth over March 2018, collection of Rs 92,167 crore. Monthly average of GST revenue during 2018-19, stood at Rs 98,114 crore which is 9.2 per cent higher than the previous fiscal. These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalisation measures.

The government has lowered the GST collection target for 2018-19 fiscal to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially. GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October, Rs 97,637 crore in November, Rs 94,725 crore in December 2018, Rs 1.02 lakh crore in January 2019 and Rs 97,247 crore in February 2019.

For fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.

TAGS:

GST Tax