New Delhi: On the back of strong rebound in economic activities and anti-evasion drive, goods and services tax (GST) collection reached all-time high to Rs 1.42 lakh crore in March, 2022.
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. As March is the last month of the financial year, most comp
anies try to maximise their business during this period. This also leads to higher collection in the fiscal year-end.
“I think the trend would be quite good going forward too as the economy has stabilised,” said MS Mani, Partner, Deloitte India. As per the official data, out of the gross GST revenue collected in the month of March 2022, CGST was Rs 25,830 crore, SGST stood at Rs 32,378 crore, IGST was Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess was Rs 9,417 crore (including Rs 981 crore collected on import of goods).
“The gross GST collection in March’ 2022 is all time high breaching earlier record of Rs 1,40,986 crore collected in the Month of January 2022,” Finance Ministry said in a statement. The government settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as regular settlement.
In addition, 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 65,646 crore for CGST and Rs 67,410 crore for the SGST. Centre also released GST compensation of Rs 18,252 crore to States/UTs during the month,” the Ministry said.
The average monthly gross GST collection for the last quarter of the FY 2021-22 stood at 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,” Finance Ministry noted.