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Big Win For Taxation Reforms: GST Collections Surge To Highest Ever, Exceed Rs 1 Lakh Crore Mark In March
Union Finance Minister, Arun Jaitley (Sonu Mehta/Hindustan Times via Getty Images)
Marking a spike in the graphs, the government collected the highest ever GST in March 2019, netting in a mammoth Rs 1,06,577 crore.
This is the third instance in the bygone fiscal when the collections have shot beyond the coveted lakh crore figure, and it comes at the backdrop of taxes having been reduced on multitudes of services and goods throughout the year, easing the burden on the consumers, and boosting compliance.
Of the net amount collected in March 2019, CGST is Rs 20,353 crore, SGST is 27,520 crore and IGST is 50,418 crore and cess is Rs 8,286 crore. The average GST collection for the entire fiscal now stands at Rs 98,114 crore.
This marks a lot of significance as the government has previously said that the GST slabs could be further streamlined and subsumed into fewer slabs once the average monthly collection reached a lakh crore. As the average figure for the monthly collection reaches closer to that mark, the likelihood of fewer slabs is expected to increase in future course.
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