GST collection reaches record high of Rs 1.06 lakh crore in March

New Delhi, Apr 1 (KNN) Goods and Services Tax (GST) collections touched Rs 11.77 trillion in fiscal 2018-19, exceeding the revised budget estimates, with record realization of Rs 1.06 trillion in March alone.

According to the release by Ministry of Finance, “The collection during March, 2019 has been the highest since introduction of GST. The revenue in March, 2018 was Rs. 92,167crore and the revenue during March, 2019 is a growth of 15.6% over the revenue in the same month last year.”

Release added, “The revenue for the last quarter in the year 2018-19 is 14.3% higher than the revenue collected during the same period last year. The monthly average of GST revenue during 2018-19 is Rs. 98,114 crore which is 9.2% higher than FY 2017-18. These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalization measures.”

Meanwhile, Finance Minister Arun Jaitley tweeted, "The record collection in March, 2019 of the GST touching Rs 1,06,577 crore indicates the expansion in both manufacturing and consumption".

Total gross GST revenue collected in March, 2019 stood at Rs 1,06,577 crore of which central GST was Rs 20,353 crore, state GST was Rs 27,520 crore, integrated GST was Rs 50,418 crore and cess was Rs 8,286 crore.

The total collections during 2018-19 fiscal totaled a little over Rs 11.77 lakh crore, which was higher than Rs 11.47 lakh crore set in the revised budget estimates.

GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October, Rs 97,637 crore in November, Rs 94,725 crore in December 2018, Rs 1.02 lakh crore in January 2019, Rs 97,247 crore in February 2019 and Rs 1.06 lakh crore in March 2019.