GST revenue for March touches record high of Rs 1.06 lakh crore; highest monthly collection in FY 2018-19

As the financial year 2018-19 is over and India heads for it's next fiscal cycle, the goods and services (GST) collections scaled a record high of Rs 1.06 lakh crore in March.

GST collection in March 2019 has been highest since the introduction of the new tax regime. (Image: Getty)

GST collections scaled a record high of Rs 1.06 lakh crore in March end

March collections are up from Rs 97,247 crore in the previous month

The jumped in the collection was due to improvement in compliance

Goods and Services Tax: As the financial year 2018-19 is over and India heads for it's next fiscal cycle, the goods and services (GST) collections scaled a record high of Rs 1.06 lakh crore in March end which is up from Rs 97,247 crore in the previous month. The jumped in the collection was due to improvement in compliance amid an increase in the overall number of GST 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,” news agency PTI quoted an official statement from Finance Ministry. Total number of summary sales return GSTR-3B filed for the month of February up to March 31 stood at 7.59 million. The total GST collection in March 2019 has been highest since the introduction of the new tax regime and also reflects a 15.6 per cent growth over March 2018, collection of Rs 92,167 crore. The 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 despite various rate rationalisation measures, the revenue growth has been picking up in recent months. The government has lowered the GST collection target for 2018-19 fiscal to Rs 11.47 trillion in the revised estimates, from Rs 13.71 trillion budgeted initially. For fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 trillion. As per data available, the GST collection stood at Rs 1.03 trillion 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 trillion in January 2019 and Rs 97,247 crore in February 2019. (With agency inputs)

Published at : 01 Apr 2019 05:45 PM (IST)

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