The Ministry of Finance stated on Thursday that goods and services tax GST has crossed all the past records by 24% in the March FY21.
The assessment of GST revenue was recorded for Rs. 1,23,902 lakh crore in month of March 2021 as compare to the FY20. As per “MOF” under GST, the CGST is Rs. 22,973 crore, SGST Rs. 29,329 crore, IGST Rs. 62,842 crore (including collection of Rs. 31,097 crore on import of goods) and Cess is Rs. 8,757 crore (including Rs. 935 crore collected on import of goods and services).
Since the introduction of GST it is the highest recorded GST revenue collection this time in March 2021. There is a 27% of hike in GST revenue over the past five months of FY21 from the last previous year 2020 stated by the government.
As compare to the last fiscal year the revenue from the import is 70% high and from the domestic transactions plus import services is 17% high. From the first, second, third, and fourth quarters of the FY21 the revenue recorded the growth rate of (-) 41%, (-) 8%, 8% and 14% as compare to the fiscal year 2020, it is a positive sign for the nation and economy.
The highest GST revenue in India was collected from the Manipur state about Rs. 50.36 crore in last month of FY21 while in March 2020 it was Rs. 35.89 crore. The other states like Arunachal Pradesh with 38%, Tripura and Jammu and Kashmir both with 31% whereas Rajasthan was registered with 19%, Uttar Pradesh with 18%, Madhya Pradesh with 13% and Maharashtra with 14%.
The collection of Kerala registered 24% growth with Rs. 1,827.94 crore, Gujarat 20%, Karnataka 11%, Andhra Pradesh 5% and Tamil Nadu 23% with Rs. 7,579.18 crore in 2021 and in the March 2020 it was Rs. 6,177.82 crore. Delhi registered with a growth of 40% as compare to FY20, and Chandigarh 22%.
“This is a clear indication for a rapid recovery of Indian economy after the last year impact of pandemic as the revenue crossed and assessed above Rs. 1 lakh crore over the last sixth month” the government said.
The ministry said that- the closer observing against counterfeit or fake-billing, data analytics utilizing information from different sources including GST, Income-expenses and Customs IT framework and effective assessment of tax have likewise added to the consistent increase in tax revenue collection from the last few months of FY21.