Revenue Developed after GST increased: Efforts by the Center, showing results as Revenue Developed after GST increased. The collection was boosted by the Rule, which specifically took action against counterfeit invoices and disclosed GST details according to time.
The government received record revenue at a time when the economy was being damaged by the corona. GST collected last month was Rs 1.24 lakh crore. This is the first time that GST has been levied so heavily in the last financial year. After all the settlements were completed, the Center received Rs 58,852 crore and the states Rs 69,559 crore. The Center has released Rs 30,000 crore for the payment of CGST to the states.
‘GST was levied at a record level last month. Revenue has increased by 27 percent this year as compared to March last year. Revenue rose 41 percent in the June quarter and 8per cent in the September quarter, the Finance Ministry said. Speaking on the occasion, Senior Director MS Mani of Deloitte India, said that all the states have been able to increase GST collection in the last financial year as compared to the previous year.
These are the highlights
Last month, GST revenue stood at Rs 1,23,902 crore, of which central GST was Rs. 22,973 crores, State GST Rs. 29,329 crore and IGST Rs. 62,842 crore, cess Rs. 8,757 crores.
The government has fixed Rs 21,879 crore for CGST and Rs 17,230 crore for regular settlement from IGST to SGST. IGST Ad Hoc Settlement for Central States / Union Territories Rs. 28,000 crore has been allotted.
GST revenues have been recording over Rs 1 lakh crore in the last six months. GST collections on imports increased by 70 percent in March 2021 compared to last March. GST revenues declined by 41 percent and 8 percent in the first and second quarters of the last financial year and respectively, compared to the previous financial year. In the third and fourth quarters, they grew by 8 percent and 14 percent, respectively.
GST, IT, and customs officers have used the latest technologies to thwart fake invoicing. Financial experts say the rise in GST collections is a sign of economic recovery.