All time high! Gross GST collection in March'2022 at Rs1,42,095 crore

1 Apr 2022 , 07:42 PM

The gross GST revenue collected in the month of March 2022 is Rs1,42,095 crore of which CGST is Rs25,830 crore, SGST is Rs32,378 crore, IGST is Rs74,470 crore (including Rs39,131 crore collected on import of goods) and cess is Rs9,417 crore (including Rs981 crore collected on import of goods), Ministry of Finance said.

The gross GST collection in March’2022 is an all-time high breaching earlier record of Rs1,40,986 crore collected in the Month of January 2022.

The government has settled Rs29,816 crore to CGST and Rs25,032 crore to SGST from IGST as regular settlement.

In addition, the Centre has also settled Rs20,000 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 Rs65646 crore for CGST and Rs67410 crore for the SGST.

The Centre also released GST compensation of Rs18,252 crore to States/UTs during the month.

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. During the month, revenues from import of goods was 25% higher and the revenues from domestic transaction (including import of services) are 11% 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.

The average monthly gross GST collection for the last quarter of the FY 2021-22 has been Rs1.38 lakh crore against the average monthly collection of Rs1.10 lakh crore, Rs1.15 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 the inverted duty structure.