Banking & FinanceFinanceGSTInFocus

GST Collections Touched Record High Figure of Rs 1.06 Lakh Cr in March

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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 cr of which Central GST is Rs 20,353 cr, State GST is Rs 27,520 cr, Integrated GST is Rs 50,418 cr and cess is Rs 8,286 cr,” a statement said.

Total number of summary sales return GSTR-3B filed for the month of Feb- 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 pc growth over March 2018, collection of Rs 92,167 crore.

Monthly average of GST revenue during 2018-19, stood at Rs 98,114 cr which is 9.2 pc 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 cr in the revised estimates, from Rs 13.71 lakh crbudgeted initially.

GST collection stood at Rs 1.03 lakh cr in April, Rs 94,016 cr in May, Rs 95,610 cr in June, Rs 96,483 cr in July, Rs 93,960 cr in August, Rs 94,442 cr in September, Rs 1,00,710 cr in October, Rs 97,637 cr in November, Rs 94,725 cr in December 2018, Rs 1.02 lakh cr in January 2019 and Rs 97,247 crore in February 2019.

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