GST or Goods and Services Tax revenue collections stood at Rs 1,06,577 crore in March, the government said on Monday. That marked the highest monthly collection since the introduction of GST, the Ministry of Finance said in a statement. The GST revenue collections tally had come in at Rs 97,247 crore in the previous month. The data for the last month of financial year 2018-19 - which concluded on March 31, 2019 - also showed that the overall GST collections for the whole year stood Rs 11,77,369 crore.
Here are five things to know about GST collections:
1. Out of the total GST collections last month, revenue from CGST or central goods and services tax was at Rs. 20,353 crore, and that from state GST (SGST) was at Rs 27,520 crore, the Ministry of Finance said.
GST Revenue collection for March, 2019 crossed One lakh crore and recorded highest collection in the FY 2018-19
2. The IGST or integrated GST collection stood at Rs 50,418 crore while the cess was at Rs 8,286 crore, it noted.
3. The latest data indicate that the revenue growth has been picking up in recent months despite various rate rationalisation measures.
4. The monthly average of GST revenue collections in 2018-19 came in at Rs 98,114 crore, marking a 9.2 per cent increase compared with the previous fiscal year.
5. The government has lowered the GST collection target for 2018-19 fiscal to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially.
Month (2018-19) GST collection (in crore rupees) Apr-18 1,03,459 May-18 94,016 Jun-18 95,610 Jul-18 96,483 Aug-18 93,960 Sep-18 94,442 Oct-18 1,00,710 Nov-18 97,637 Dec-18 94,725 Jan-19 1,02,503 Feb-19 97,247 Mar-19 1,06,577 For fiscal year 2019-20, the government has set a GST collection target of Rs 13.71 lakh crore.
(With agency inputs)
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