GST Collections Hit Record High Of Rs 1.24 Lakh Crore In March


2021-04-01 09:37:25

GST Collections Hit Record High Of Rs 1.24 Lakh Crore In March

Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement

Goods and Services Tax (GST) collections hit an all-time high of Rs 1,23,902 crore in March, data released by Finance Ministry showed. On a monthly basis GST collections rose by 9.5 per cent from Rs 1,13,143 crore in February. “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,” Finance Ministry said in a press release.

The government settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as a regular settlement. In addition, Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.
 

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GST collection
Photo Credit: PIB

The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March’ 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. Centre has also released a compensation of Rs 30,000 crore during the month of March 2021.



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