GST collections in March hit record Rs 1.23 lakh crore

GST Revenue collection for March 2021 has set a new record with highest-ever collection of Rs1,23,902 crore.The GST revenue collected in the last month is 27 per cent higher than that collected in March last year.According to the Finance Ministry  GST revenues of March are the highest since the introduction of Goods & Services Tax in the country.
During the month, revenues from import of goods was 70 per cent higher and the revenues from domestic transaction are 17 per cent higher than the revenues from these sources during the same month last year.Centre has said that the GST revenues crossed above 1 lakh crore rupees 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. It 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.