A 24% increase in State’s Goods and Service Tax (GST) revenue collection has been registered in March 2021 as compared to the same period last year.
The GST revenue collection of Kerala was ₹1,475.25 crore in March 2020, when the country went on a lockdown following the pandemic. In March 2021, the last month of the 2020-2021 fiscal, it was ₹1,827.94 crore, registering a growth of 24%.
Tamil Nadu with 23% growth is behind the State in GST revenue collection, followed by Gujarat (20%), Maharashtra (14%), Karnataka (11%) and Andhra Pradesh (5%). GST revenue in Tamil Nadu was ₹6,177.82 crore in March 2020 and ₹7,579.18 crore in March 2021.
In the whole country, the highest growth of GST revenue in March 2021 has been registered in Manipur (40%). The GST revenue of Manipur was ₹35.89 crore in March 2020 and in March this year, it was ₹50.36 crore. States like Rajasthan has registered only 19%, Uttar Pradesh 18% and Delhi 40% growth in GST revenue collection for March 2021 as compared to the same period last year.
GST revenue collection for March 2021 has set a new record with ₹1,23,902 crore gross GST revenue being collected last month according to the figures released by the Union Finance Ministry. Of this, CGST is ₹22,973 crore, SGST is ₹29,329 crore, IGST is ₹62,842 crore, including ₹31,097 crore collected on import of goods and cess is ₹8,757 crore, including ₹935 crore collected on import of goods.
The GST revenues during March 2021 are the highest since introduction of GST in the country. GST revenues crossed above ₹1 lakh crore mark at a stretch for the last six months. The steep increasing trend is indicator of rapid economic recovery post pandemic.
Steps against fake-billing, data analytics using data from multiple sources including GST, Income-tax and Customs IT systems, and effective tax administration have led to increase in tax revenue over the months.