New Delhi: The goods and services tax (GST) for the month of March has crossed the Rs 1 lakh crore mark, making it the highest collection in the financial year 2018-19, the government said on Monday.
The total gross GST revenue collection in the month of March, 2019 was Rs 1,06,577 crore of which CGST is Rs 20,353 crore, SGST is Rs 27,520 crore, IGST is Rs 50,418 crore including Rs 23,521crore collected on imports and Cess is Rs 8,286 crore including Rs 891crore collected on imports), a statement of finance ministry said.
The total number of GSTR 3B Returns filed for the month of February up to 31st March, 2019 is Rs 75.95 lakh.
The Government has settled Rs 17,261crore to CGST and Rs 13,689crore to SGST from IGST as regular settlement. Further, Rs. 20,000crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and States, it said.
The total revenue earned by Central Government and the State Governments after regular and provisional settlement in the month of March, 2019 is Rs. 47,614 crore for CGST and Rs. 51,209 crore for the SGST.
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.
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.