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GST collection touches record high in March

The  Goods and Service Tax (GST) revenue has touched a record high in the month of March.  The Union Finance Ministry has revealed this. In March, the total GST revenue was Rs.123,902 crore.

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“The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods),” the ministry said.

“The GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27% higher than the GST revenues in the same month last year. GST revenues crossed above ? 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 added.

The central government received Rs58,852 crore and states Rs60,559 crore. The central government has also released a compensation of Rs30,000 crore to states in March.

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