New Delhi: The Goods and Services Tax (GST) collection for March reached Rs 1.06 lakh crore, marking the highest ever mop-up in the month, which took the total collections for fiscal 2018-19 to Rs 11.77 lakh crore.
The record tax collection almost exceeded the revised budget estimates due to higher compliance and increase in GST returns filed by taxpayers. The total number of GSTR-3B filed till March 31 for the month of February stood at 75.95 lakh.
The Finance Ministry said the monthly average of GST revenue during 2018-19 was Rs 98,114 crore, 9.2 per cent higher than the previous fiscal. “These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalisation measures,” it added.
“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 ministry said.
In a tweet, Finance Minister Arun Jaitley said the record collection in March 2019 of Rs 1,06,577 crore indicates the expansion in both manufacturing and consumption.
Total gross GST revenue collected in March 2019 stood at Rs 1,06,577 crore of which central GST was Rs 20,353 crore, state GST was Rs 27,520 crore, integrated GST was Rs 50,418 crore.
