GST collection for March 2019, a New High, crossed one Lakh Crore

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GST collection for March 2019
GST collection for March 2019

GST collection for March 2019

GST collection for March 2019, The Ministry of Finance has released the monthly GST collection detailsĀ  for March 2019, according to the ministry the GST collection for this month has created a new history in Financial Year 2018-19. GST Revenue collections for the month of March, 2019 crossed Rupees One Lakh Crore and recorded the Highest Collections in the Financial Year 2018-19.

Total Gross GST revenue collected in the month of March, 2019 isĀ 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). The total number of GSTR 3B Returns filed for the month of February up to 31st March, 2019 is 75.95lakh.

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. 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.

This is a real great achievement….This shows that GST regime is stabilized – which in itself is a great achievement as not other country could do it so fast !

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