PANJIM: The GST collections for March 2021 touched an all-time high of about Rs 1.23 trillion, the Finance Ministry said on Thursday. The table shared by the Ministry revealed in March 2021, Goa’s GST revenue was Rs 344.28 crore, without including the GST on import on goods—a 9 per cent year-on-year growth—as it was Rs 316.47 crore in March 2020.
In line with the trend of recovery in the GST revenues over the past five months, the revenues for the month of March 2021 are 27 per cent higher than the GST revenues in the same month last year.
The Ministry also released the list of state-wise growth revenues of March 2021 and compared it to the previous year’s list of state-wise growth revenues, i.e. of March 2020.
In the overall country figures issued by the Ministry about the country, it was stated that the gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which Central Goods and Services Tax (CGST) is Rs 22,973 crore, State Goods and Services Tax (SGST)is Rs 29,329 crore, Integrated Goods and Services Tax 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 government has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March’ 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. Centre has also released a compensation of Rs 30,000 crore during the month of March 2021.
During the month of March 2021, revenues from import of goods were 70% higher and the revenues from domestic transactions (including import of services) are 17% higher than the revenues from these sources during the same month last year. The GST revenue witnessed growth rate of (-) 41%, (-) 8%, 8% and 14% in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year, clearly indicating the trend in recovery of GST revenues as well as the economy as a whole.
