GST Collections Hit All-Time High Of ₹1.42 Lakh Crore In March 2022
The GST collection in February stood at Rs 1,33,026 crore
Mumbai: The gross GST revenue collected in the month of March 2022 hit an all-time high of ₹1,42,095 crore, breaching the earlier record of ₹1,40,986 crore collected in January 2022, the government said on Friday.
The Finance Ministry said in a statement that the March revenue is 15% higher than the GST revenue in the corresponding month of last year and 46% higher than the GST revenue in March 2020.
The GST collection in February stood at Rs 1,33,026 crore.
The February collections were impacted by the countrywide Omicron wave and hence, the gross sales tax collection was lower than the record net sales tax of Rs 1,40,986 crore in January.
Out of the total collection, CGST is ₹25,830 crore, SGST is ₹32,378 crore, IGST is ₹74,470 crore (including ₹39,131 crores collected on import of goods) and Cess is ₹9,417 crore (₹981 crores collected on import of goods).
According to the official statement, the average monthly gross GST collection in the last quarter of FY22 stood at ₹ 1.38 lakh crore.
The government said, along with economic recovery, anti-theft activities, especially action against fake billers, are contributing to the increase in GST.
The improvement in revenue is also on account of various rate rationalization measures taken by the Council to correct the inverted duty structure.
The government has fixed ₹29,816 crore CGST and ₹25,032 crore SGST from IGST as regular settlement. In addition, the Center has settled 20,000 crores of IGST this month on an ad-hoc basis in the ratio of 50:50 between the Center and the States and Union Territories.
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