The Goods and Services Tax collection for the month of March hit an all-time high of Rs 1,23,902 crore, the finance ministry said on Thursday. With this, the monthly collection has now crossed the Rs 1 lakh crore-mark for six consecutive months.
In February, the GST collection came at Rs 1.13 lakh crore, dipping slightly from 1.19 lakh crore in January. The collection in March was 27% higher as compared to the same month last year, the finance ministry said.
Of the total collection in February, Rs 22,973 crore came from Central GST, while Rs 29,329 crore came from the State GST component. Integrated GST collections amounted for Rs 62,842 crore, according to government data.
“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,” the government said in its release on Thursday.
In March, revenues from import of goods were 70% higher and the revenues from domestic transaction (including import of services) were 17% higher than the revenues from these sources during the same month last year, the ministry said.
“The GST revenue witnessed growth rate of (-) 41%, (-) 8%, 8% and 14% in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year, clearly indicating the trend in recovery of GST revenues as well as the economy as a whole,” it further added.