GST collection in March crossed the Rs.1 lakh crore mark, the highest since the tax reform measure was rolled out in July 2017, bringing relief for the government battling sluggish receipts.
Total gross GST collected in March was Rs.1,06,577 crore, of which CGST was Rs.20,353 crore, SGST Rs.27,520 crore, IGST Rs.50,418 crore (including Rs.23,521 crore collected on imports) and cess was Rs.8,286 crore (including Rs.891 crore collected on imports).
The rebound in GST revenues comes against the backdrop of robust receipts on the direct tax front, with tax officials expressing confidence about meeting the 2018-19 target. They said receipts will keep flowing in till middle of the month and a final picture would be available by then.
The GST revenue in March 2019 showed a growth rate of 15.6% over the receipts in the same month last year.
The revenue for the last quarter of 2018-19 was 14.3% higher than that collected during the same period of the previous financial year. The monthly average of GST revenue during 2018-19 was Rs.98,114 crore, 9.2% higher than 2017-18.
Tax experts said the increase showed rising compliance as the tax reform measure has nearly settled down.