The benchmark stock indices opened the day on a
Join us as we follow the top business news through the day.
GST mop-up hits a record in March
The gross GST collections in March hit a record of ₹1,23,902 crore, the Union Finance Ministry said on Thursday. This is the sixth month in a row that GST revenues have remained above ₹1 lakh crore.
“The GST collections for March have created a record; it has never been so high. We have crossed the record collections by a good margin,” Revenue Secretary Tarun Bajaj told The Hindu.
The indirect tax collections in March were 27% higher than that in March 2020, with revenues from import of goods 70% more than a year ago, and the revenues from domestic transaction, including import of services, 17% higher.
“GST revenues crossed above ₹1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic,” the Ministry said in a statement, pointing to the 14% growth in revenues in the fourth quarter of 2020-21, compared with a 41% decline in the first lockdown-hit quarter.