GST Collection Of March Breaks All Records
With an increase of 15 percent annually, GST collection reached an all-time high of over Rs 1.42 lakh crore said the Finance Ministry on Friday. With this record-breaking event, the Goods And Service Tax collection has exceeded the revised target of Rs.5.70 lakh crore set for this ending fiscal year 2021-2022.
The previous high of GST collection was made in January 2022 at over Rs 1.40 lakh crore. The average collection of GST for the last quarter of January-March was Rs 1.38 lakh crore monthly. If we compare the average quarterly collection then the last is an all-time high, against the collection of first, second and third, which was Rs.1.10 lakh crore, Rs 1.15 lakh crore, and Rs 1.30 lakh crore respectively.
As per the Ministry, “ 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.”
GST Figures Of 2022
The gross GST collection for the year 2022 was Rs 1,42,095 crore out of which:
- Central GST was Rs 25,830 crore
- State GST was Rs 25,830 crore
- Integrated GST was Rs 25,830 crore
- Cess was Rs 9417 crore.
In comparison to revenue collection of March 2021, in March 2022 the revenue from import of goods was 25 percent higher & from domestic transactions, the revenue was 11 percent more.
The Ministry said, “The total revenue of Centre and the States in March 2022 after regular and ad-hoc settlements is Rs 65,646 crore for CGST and Rs 67410 crore for the SGST. Centre also released GST compensation of Rs 18,252 crore to States/UTs during the month.”