InvestorQ : How have been the GST collections for the month of March 2021?
Anu Biswas made post

How have been the GST collections for the month of March 2021?

Ria Jain answered.
1 year ago

For the month of March 2021, the government of India managed to increase GST collections to a record high of Rs.123,902 crore. This is the fourth consecutive month that GST collections have stayed above Rs.110,000 crore and the sixth consecutive month that the GST collections have been above Rs.100,000 crore. The government needs to achieve around Rs.130,000 crore per month through the year to get near its original targets.

Due to the better than expected GST collections, it is now being estimated that the net tax collections would exceed the revised estimates for FY21. As a result, the fiscal deficit for FY21 could be less than the budgeted 9.5% and could veer slightly lower. While this was partially due to a bounce in economic activity, tighter compliance rules, stringent adherence norms and a sharp crackdown on GST evasion were also some of the key reasons.

The government has also confirmed that the GST revenues recorded in March 2021 was the highest since GST was introduced in India in July 2017. In order to curb GST evasion, the government used deep data analytics and verified with multiple sources like GST, Income Taxes, Customs etc to get a complete picture. Also, the mandatory e-invoicing mechanism for firms with turnover above Rs.500 crore is now implemented for GST.