March GST collection at record high of over Rs 1.42 lakh crore

New Delhi, April 1 (IANS) India’s GST collection touched a record high in March 2022 at Rs 1,42,095 crore, official data showed on Friday. The previous record high stood at Rs 1,40,986 crore collected in January 2022. On a year-on-year basis, the GST revenue for last month was 15 per cent higher than the collections
 
March GST collection at record high of over Rs 1.42 lakh crore March GST collection at record high of over Rs 1.42 lakh crore

New Delhi, April 1 (IANS) India’s GST collection touched a record high in March 2022 at Rs 1,42,095 crore, official data showed on Friday.

The previous record high stood at Rs 1,40,986 crore collected in January 2022.

On a year-on-year basis, the GST revenue for last month was 15 per cent higher than the collections during the same month last year, and 46 per cent higher than the GST revenues in March 2020.

“The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods),” the Finance Ministry said.

“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 or UTs in this month.”

As per the ministry, during the month under review, revenues from import of goods was 25 per cent higher and the revenues from domestic transaction (including import of services) were 11 per cent higher than the revenues from these sources during the same month last year.

Furthermore, it said that the average monthly gross GST collection for the last quarter of the FY22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs 1.15 lakh crore and Rs 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 rationalisation measures undertaken by the Council to correct inverted duty structure,” it said.

–IANS

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