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GST collection reaches record high of Rs 1.06 lakh crore in March as compliance improves

The monthly average of GST revenue for FY19 was 9.2 per cent higher than the previous fiscal, which shows that GST collections have been picking up recently despite rate rationalisation measures.

twitter-logoBusinessToday.In | April 1, 2019 | Updated 17:19 IST
GST collection reaches record high of Rs 1.06 lakh crore in March as compliance improves
This is the thid time in FY 2018-19 that GST collections have crossed the Rs 1 lakh crore mark.

The GST collection for the month of March reached Rs 1.06 lakh crore, marking the highest ever mop-up recorded under the unified tax regime since its introduction. The record high came on the back of higher compliance and increase in GST returns filed. The total number of GSTR-3B filed till March 31 for the month of February stood at 75.95 lakh.

The GST collection in March 2019 was 15.6 per cent higher than Rs 92,167 crore reported in March 2018. Moreover, the GST revenue for the March quarter of FY 2018-19 was 14.3 per cent higher than the same reported for the corresponding period last year.

"Total gross GST revenue collected in March, 2019 is Rs 1,06,577 crore, of which CGST is Rs 20,353 crore, SGST is Rs 27,520 crore, IGST is Rs 50,418 crore (including Rs 23,521 crore collected on imports) and Cess is Rs 8,286 crore (including Rs 891 crore collected on imports)," the Finance Ministry said in a statement.

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In March, GST collection crossed the Rs 1 lakh crore-mark for the third time during FY 2018-19. GST collection stood at Rs 1.03 lakh crore 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 lakh crore in January 2019 and Rs 97,247 crore in February 2019.

The monthly average of GST revenue for FY 2018-19 was reported to be Rs 98,114 crore, which is 9.2 per cent higher than the previous fiscal. These figures reflect that the GST collections have been gathering pace in the recent months despite rate rationalisation measures, the ministry said.

Meanwhile, the government has lowered the GST collection target for FY 2018-19 to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially. For 2019-20, the GST collection target has been budgeted at Rs 13.71 crore.

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"Further, Rs 20,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and States. Total revenue earned by Central Government and the State Governments after regular and provisional settlement in the month of March, 2019 is Rs 47,614 crore for CGST and Rs 51,209 crore for the SGST," the Finance Ministry said.

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