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Despite Covid, GST collections rise in March
By: Tupaki Desk | 2 April 2021 3:05 AM GMT
Contrary to the general belief that the sales would plummet and the GST would see a steep fall, the GST collections have seen a clear rise in March. In fact, the collections in March are the highest so far. Thus, for the last six months, the GST collections have risen above one lakh crores.
According to the Finance Ministry sources, the total GST collection for the month of March is 123,902 crores. The finance ministry has also said that the kind of GST collections being made indicate that out economy is well on its way to recovery. Compared to the GST collections in March 2020, there has been a rise of 27 per cent this year. It may be recalled that Corona lockdown began in March 2020. According to the Union Finance Ministry, the Central GST is Rs 22973 crore, while the State GST is Rs 29329 crore. The IGST is 62, 842 crore. The Cess is around Rs 8757 crore.
The ministry has also said that imports have risen. This is another sign of the economic recovery, said sources. After a decline in the first two quarters in 2020, marginal increase and recovery were noted in the third and fourth quarters during the last finance year. A 17 per cent rise in GST collections was registered in Telangana, while 5 per cent rise was noted in Andhra Pradesh.
According to the Finance Ministry sources, the total GST collection for the month of March is 123,902 crores. The finance ministry has also said that the kind of GST collections being made indicate that out economy is well on its way to recovery. Compared to the GST collections in March 2020, there has been a rise of 27 per cent this year. It may be recalled that Corona lockdown began in March 2020. According to the Union Finance Ministry, the Central GST is Rs 22973 crore, while the State GST is Rs 29329 crore. The IGST is 62, 842 crore. The Cess is around Rs 8757 crore.
The ministry has also said that imports have risen. This is another sign of the economic recovery, said sources. After a decline in the first two quarters in 2020, marginal increase and recovery were noted in the third and fourth quarters during the last finance year. A 17 per cent rise in GST collections was registered in Telangana, while 5 per cent rise was noted in Andhra Pradesh.
