New Delhi: The gross collections of goods and services (GST) for the month of March 2022 hit a new record high of Rs 1.42 lakh crore, Finance Ministry said on Friday.
According to the data released by the finance ministry, the March collections up 6.8 per cent from the previous month, data released on April 1 by the finance ministry showed.
The 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, of the total collections.
The government settled Rs 29,816 crore to central GST and Rs 25,032 crore to state GST from integrated GST in March.
In a statement the government said, “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 government said.
The total revenue for March after the settlement was Rs 65,646 crore for the Centre, while Rs 67,410 crore for state GST.
In the statement, the government said the revenues for March are 15 per cent higher than the GST revenues in the same month last year and 46 per cent higher than the GST revenues in March 2020. During the month, revenues from import of goods was 25 per cent higher and the revenues from domestic transaction (including import of services) are 11 per cent 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 statement said.
The average monthly gross GST collection for the last quarter of the FY21-22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs 1.15 lakh crore, and Rs 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.
According to the statement, the improvement in revenue has also been due to various rate rationalisation measures undertaken by the GST Council to correct inverted duty structure.
The chart below shows trends in total GST collections.
Month Amount (in Rs crore) YoY change
March 2022 1,42,095 15%
February 2022 1,33,026 18%
January 2022 1,40,986 18%
December 2021 1,29,780 13%
November 2021 1,31,526 25%
October 2021 1,30,127 24%
September 2021 1,17,010 23%
August 2021 1,12,020 30%
July 2021 1,16,393 33%
June 2021 92,800 2%