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