NEW DELHI: The gross goods and services tax (GST) revenue increased by 11.5% to record Rs 1.78 lakh crore in the month of March, marking the second-highest collection ever since the indirect tax regime was implemented in 2017, according to the official data released on Monday.
The exceptional performance was primarily driven by a significant 17.6% increase in GST collection from domestic transactions.
Additionally, GST revenue net of refunds increased to Rs 1.65 lakh crore, showcasing an impressive 18.4% growth compared to the same period in the previous year.
“The average monthly collection for this financial year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore,” the statement said.
The central government’s total goods and services tax revenue for the current financial year year stands at Rs 20.14 lakh crore, reflecting an 11.7% increase from the prior year. The Centre expects the total goods and services tax revenue collected in the current financial year will amount to Rs 20.14 lakh crore, reflecting an increase of 11.7% compared to the previous year.
Commenting on the GST numbers, Pratik Jain, Partner, PwC India, said, “The double-digit growth continues in monthly goods and services tax collections over the last year. With this trend, it will not be surprising if the target for FY25 is revised when the main Union Budget is presented after the formation of the new Government. Also, the collections, which are likely to be better in coming months, may pave the way for next wave of GST reforms including rate rationalisation.”
“With the due date for issuance of Notices for FY18 over and recovery processes for FY19 to be closed soon, it appears that the GST authorities would continue their drive for GST recovery and the upward trend in collections may continue in near future,” said Manish Mishra, Partner, JSA Advocates and Solicitors.