This happened for the fourth time in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore, marking the second-highest collection ever
The gross GST collection for the month of March included CGST of Rs 29,546 crore, SGST of Rs 37,314 crore and IGST of Rs 82,907 crore, which included Rs 42,503 crore collected on import of goods.
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GST collections at record high of Rs 1.23 lakh crore in March
GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. 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 ministry said.
Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.