Indirect tax collection was 27% higher in March 2020.
The Union Finance Ministry said on Thursday that gross GST collections in March broke a record of ₹ 1,23,902 crore. This is the sixth consecutive month that GST revenue. Above 1 lakh crore remains.
“The March GST collection has set a record; It has never been so high. Revenue Secretary Tarun Bajaj told that we have crossed the record collection with good collection Hindu
Indirect tax collection in March was 27% higher than in March 2020, revenue from imports of goods was up more than 70% from a year earlier, and revenue from domestic transactions, including imports of services, was 17% higher.
The ministry said in a statement, “GST revenue has reached over ₹ 1 lakh crore during the last six months and the fast growing trend in this period is a clear indicator of the rapid economic recovery post epidemic.” Revenue in the fourth quarter of 2020-21, with a 41% drop in the first lockdown-hit quarter.
Apart from improving the economy, GST collection was also enhanced by closer monitoring using fake-billing, data from multiple sources with deep data analytics, including close GST, income tax and customs IT systems, and effective tax administration over the past few months , The ministry said.
Abhishek Jain, tax partner at EY, said, “The all-time high GST collection … shows a sustained economic recovery and is a result of audit closures and government tightening compliance and anti-executive measures.”
CGST collections in the month were collected on import of goods including ST 22,973 crore, SGST 32 29,329 crore, IGST the 62,842 crore, 97 31,097 crore on import of goods and ₹ 8,757 crore on cess, including 935 crore. .
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