Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March

Tax collections exceed Revised Estimates; Centre's fiscal deficit expected lower than 9.5% of GDP in FY21

Goods and services tax (GST) revenue touched an all-time high in March, with the government collecting nearly Rs 1.24 trillion. It surpassed the Rs 1-trillion mark for the sixth straight month, and remained over the Rs 1.1-trillion mark for the fourth time in a row, revealed the government’s provisional data on Thursday.

With this, the net tax collection is likely to have exceeded the Revised Estimates (RE) for the fiscal year, resulting in a fiscal deficit lower than 9.5 per cent of gross domestic product estimated for 2020-21 (FY21).

The government has attributed the robust mop-up to closer monitoring against fake billing,