GST collection in March is at all-time high of over Rs 1.42 lakh crore, said Finance Ministry. The gross GST collection in March 2022 is all-time high breaching earlier record of Rs 1,40,986 crore collected in January 2022, according to the government.
The gross GST revenue collected in March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs. 32,378 crores, IGST is Rs 74,470 crores (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crores (including Rs 981 crore collected on import of goods).
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.
Centre, state revenues up in March
The total revenue of Centre and the States in 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/UTs during the month.
The revenues for March 2022 are 15 percent higher than the GST revenues in the same month last year and 46 percent higher than the GST revenues in March 2020.
Revenues from imports 25% higher
During the month, revenues from import of goods was 25 percent higher and the revenues from domestic transaction (including import of services) are 11 percent 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 faster pace.
GST collections last quarter
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.
Economic recovery, anti-evasion activities boost GST collections
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.
