Friday, 07 October 2022

GST high time collection of Rs 1.42 lakh crore in March

GST high time collection of Rs 1.42 lakh crore in March

The GST revenue collected in March 2022 is ₹1.42 lakh, the highest ever since implementing the new taxation system.

GST collections in March are high, breaching an earlier record of ₹1,40,986 crore collected in January 2022.

The revenues for March are 15% higher than the GST revenues last year in the same month, and 46% higher than the GST revenues in March 2020, the ministry of finance said in a statement.

GST collections in February came in at ₹1,33,026 crore.

The February mop-up was impacted by the Omicron wave that swept through the country, and hence, the gross sales tax collection was lower than the record ₹1,40,986 crore netted in January.

Of the total collections, 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 (including ₹981 crores collected on import of goods).

According to the official statement, the average monthly gross GST collection for the last quarter of FY22 has been ₹1.38 lakh crore.

Read More: Maharashtra to lift all covid restrictions from 1st April

The government said, coupled with economic recovery, anti-evasion activities, especially action against fake billers, have contributed to the enhanced GST.

The Boost in GST revenue has also been due to various rate rationalization measures undertaken by the GST council to correct the inverted duty structure.

The government has settled ₹29,816 crores to CGST and ₹25,032 crores to SGST from IGST as regular settlement. In addition, the Centre has also paid ₹20,000 crores of IGST on an ad-hoc basis in the ratio of half: half base between Central and states and union territories this month.

This is the ninth row in a month that the total GST mop-up has come in above the Rs 1-lakh-crore mark.

For FY22, total GST collections amounted to Rs 14.83 lakh crore, up 30 percent from Rs 11.37 lakh crore in FY21. The finance ministry said the rise in GST collections was driven by the ongoing economic recovery and anti-evasion activities and the various rate rationalization measures undertaken by the GST Council to correct inverted duty structures.

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