competition success review subscription coupon code Published this articles page no 111 The gross GST revenue collected in March 2021 is at a record of Rs. 123902 crore of which CGST is Rs. 22973 crore SGST is Rs. 29329 crore IGST is Rs. 62842 crore (including Rs. 31097 crores collected on import of goods) and Cess is Rs. 8757 crore (including Rs. 935 crores collected on import of goods). The government has settled Rs. 21879 crores to CGST and Rs. 17230 crores to SGST from IGST as a regular settlement. In addition the Centre has also settled Rs. 28000 crores as IGST ad-hoc settlement in the ratio of 5050 between Centre and States/UTs. The total revenue of Centre and the States after regular and ad-hoc settlements in March 2021 is Rs. 58852 crore for CGST and Rs. 60559 crore for the SGST. The Centre has also released a compensation of Rs. 30000 crore during March 2021. The GST revenues during March 2021 are the highest since the introduction of GST. In line with the trend of recovery in the GST revenues over the past five months the revenues in March 2021 are 27% higher than the GST revenues in the same month last year. During the month revenues from import of goods were 70% higher and the revenues from the domestic transaction (including import of services) are 17% higher than the revenues from these sources during the same month last year. The GST revenue witnessed a growth rate of (-) 41% (-) 8% 8% and 14% in the first second third and fourth quarters of this financial year respectively as compared to the same period last year clearly indicating the trend in the recovery of GST revenues as well as the economy as a whole. GST revenues crossed above Rs. 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post-pandemic. Closer monitoring against fake-billing deep data analytics using data from multiple sources including GST Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over the last few months. The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of March 2021 as compared to March 2020. competition success review subscription coupon code
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