Gross GST collection in March 2022 touches all-time high of Rs 142,095 crore
New Delhi, April 1, 2022
The gross Goods and Service Tax (GST) revenue collected in March 2022 touched an all-time high of Rs 142,095 crore, official data released by the Ministry of Finance said here today.
The figure surpassed the earlier record of Rs 140,986 crore collected in January 2022, a press release from the Ministry said.
The collection in March included Central GST (CGST) of Rs 25,830 crore, State GST (SGST) of Rs 32,378 crore and Integrated GST of Rs 74,470 crore. The amount incuded Rs 39,131 crore collected on import of goods, while cess was Rs 9,417 crore, including Rs 981 crore collected on import of goods, the release said.
According to the release, the government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as regular settlement.
In addition, the Centre has also settled Rs. 20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of March 2022 after regular and ad-hoc settlements is Rs 65646 crore for CGST and Rs 67410 crore for the SGST.
The Centre also released GST compensation of Rs 18,252 crore to States and Union Territories during the month.
The revenues for the month of March 2022 are 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020.
During the month, revenues from import of goods was 25% higher and the revenues from domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year. Total number of e-way bills generated in the month of February 2022 is 6.91 crore as compared to e-way bills generated in the month of January 2022 (6.88 crore) despite being a shorter month, which indicates recovery of business activity at a faster pace, the release said.
The average monthly gross GST collection for the last quarter of the FY 2021-22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs 1.15 lakh crore and 1.30 lakh crore in the first, second and third quarters, respectively.
Coupled with economic recovery, anti-evasion activities, especially action against fake billers, have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure, the release added.