GST revenue hits a record high in March |ForumIAS

ForumIAS LATEST

1. 1. SFG FRC 2027 | Program starts from 19th Dec. 2026 | Admissions open for Entrance Test Click Here to know more →
  2. Prelims Test Series (PTS) for Prelims 2027 starts 11th Oct. 2026 Click Here to know more →
  3. [Pre-order] Ethics Redbook 3rd Edition: Delivery starts from 10th October onwards Click Here to Read More →
  4. 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 11th Oct. Click Here to Read More →

Goods and Services Tax (GST) collection in March rose 15.6% from a year ago to hit Rs 1.06 lakh crore. It is the highest collection since the new indirect tax system took effect on July 1,2017.
However, it is still short of the Union government’s target for the current fiscal (2018-19). The Centre had estimated the GST collections to be Rs 5.03 lakh crore for 2018-’19 but the gross central GST collection is at Rs 4.25 lakh crore. There is a deficit of Rs 78,000.
According to experts, the growth in GST collections could be due to (a) reconciliation by businesses of outward and inward supplies (b)intelligent data analytics (c)tax leakage detection and (d)consequent GST payment by businesses.
GST (Goods and Services Tax) is an indirect tax that has replaced many Central and State taxes like excise duty, VAT and service tax. It is a single comprehensive tax levied on all goods and services produced in India as well as those imported from other countries.