GST collection crosses ₹2 lakh crore mark
in March with strong growth
¨
Gross GST collections have
crossed the ₹2 lakh crore mark in March, and a strong year-on-year growth of
8.8 percent has been recorded.
¨ This milestone has been
achieved for the first time after GST rate rationalisation, indicating strong
consumption and increased transactions.
¨ Net GST revenue has grown
by 8.2 percent to ₹1.77 lakh crore, even as refunds have increased
significantly.
¨
Refunds have risen by
13.8 percent to ₹22,074 crore, reflecting higher settlement activity.
¨
For the full financial
year, gross GST collections have increased by 8.3 percent to ₹22.27 lakh crore.
¨
The GST compensation cess
has been removed from February 1, and new excise duties and cesses have been
implemented.
¨ Collections have included
Central GST, State GST, and Integrated GST, forming the overall revenue
structure.
¨ Strong consumption
sentiment has been reflected through higher tax collections during the year-end
period.
