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GST collections hit record high of Rs 1.42 lakh crore in March

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

April 01, 2022 / 05:04 PM IST
Representative image

Representative image

Goods and Services Tax (GST) collections for March hit an all-time high of Rs 1.42 lakh crore, up 6.8 percent from the previous month, data released on April 1 by the finance ministry showed.

Of the total, Central GST was Rs 25,830 crore, State GST was Rs 32,378 crore, Integrated GST was Rs 74,470 crore, and compensation cess was Rs 9,417 crore.

In March, the government settled Rs 29,816 crore to Central GST and Rs 25,032 crore to State GST from Integrated GST.

monthly-gst-collections R

"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 (Union Territories) in this month," the finance ministry said in a statement.

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As a result, the total revenue for the month post settlement was Rs 65,646 crore for the Centre and Rs 67,410 crore for State GST.

"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." the finance ministry said.

"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," it added.
TREND IN TOTAL GST COLLECTIONS
MonthAmount (in Rs crore)YoY change
March 2022 1,42,09515%
February 20221,33,02618%
January 20221,40,98618%
December 20211,29,78013%
November 20211,31,52625%
October 20211,30,12724%
September 20211,17,01023%
August 20211,12,02030%
July 20211,16,39333%
June 202192,8002%

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

For FY22 as a whole, 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 along with anti-evasion activities and the various rate rationalisation measures undertaken by the GST Council to correct inverted duty structures.
Moneycontrol News
first published: Apr 1, 2022 03:20 pm
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