Tuesday, Sep 27, 2022

GST Collection In March At All-Time High Of Rs 1.42 Lakh Crore

The revenues for of March are 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020, finance ministry of finance said in a statement


Gross GST collection in March touched an all-time high of over Rs 1.42 lakh crore, the Finance Ministry said on Friday.

The gross GST revenue collected in March 2022 is Rs 1,42,095 crore, of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is 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 an earlier record of Rs 1,40,986 crore collected in January.

The revenues for March 2022 are 15 per cent higher than the GST revenues in the same month last year.

"The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure," the ministry said in a statement.

"The record GST collections have also been aided by the strong sales activity of corporates in March, as they race to close the fiscal with high topline growth. This has a direct bearing on GST, which is a transaction tax,” said MS Mani, Partner, Deloitte India.

"With the major economic indicators on an upswing, aided by a data-mining approach to detect cases of GST evasion, there has been a significant impact on the collections. While statewise variations exist in terms of the growth in GST collections, it would be interesting to see an analysis linking the statewise GDP growth with the GST collections during the same period,” he added.