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Odisha Sets GST Record

Bhubaneswar: Odisha has set record of collecting Gross GST Rs.3285.29 Crore in month of March-2021.

The State has recorded 25 Percent growth as compared to March-2020, when Odisha collected Rs.2632.8 Crore.

In fact Odisha has surpassed all the neighboring States in collecting Gross GST, so far growth is concerned.

While Odisha achieved 25 PC growth, Andhra Pradesh clocked only 5 PC growth, Bihar has achieved 13 PC growth and West Bengal has got 18 PC growth.

The Gross GST revenue collected in the month of March 2021 is at a record of Rs.1,23,902 Crore of which CGST is Rs.22,973 Crore , SGST is Rs.29,329 Crore and IGST is Rs.62,842 Crore.

This includes Rs. 31,097 crore collected on import of goods and Cess is Rs.8,757 Crore including Rs. 935 crore collected on import of goods.

The Union Government has settled Rs. 21,879 crore to CGST and Rs. 17,230 crore to SGST from IGST as regular settlement.

 In addition, Centre has also settled Rs.28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States and Union Territories(UT)s.

The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March’ 2021 is Rs.58,852 crore for CGST and Rs. 60,559 crore for the SGST.

Centre has also released a compensation of Rs. 30,000 crore during the month of March 2021.

The GST revenues during March 2021 are the highest since introduction of GST.

 In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27 PC higher than the GST revenues in the same month last year.

During the month, revenues from import of goods were 70PC higher and the revenues from domestic transaction including import of services are 17PC higher than the revenues from these sources during the same month last year.

The GST revenue witnessed growth rate of (-) 41%, (-) 8%, 8% and 14% in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year, clearly indicating the trend in recovery of GST revenues as well as the economy as a whole.

GST revenues crossed above Rs. 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.

Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months.