GST collection crosses ₹2 lakh crore mark in March with strong growth.

 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.

Topic: Government Schemes and Initiatives