New Delhi: The goods and services tax (GST) collections in March 2022 hit an all-time high of Rs 1,42,095 crore, according to an official statement released on Friday.
The revenues for March 2022 are 15 per cent higher than the GST revenues in the same month last year.
GST collections in March is all time high breaching earlier record of ₹1,40,986 crore collected in the month of January 2022.
“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.
GST collections in February came in at ₹1,33,026 crore.
The February mop-up was impacted by the Omicron wave that swept through the country and hence, the gross sales tax collection was lower than the record ₹1,40,986 crore netted in January.
Of the total collections, CGST is ₹25,830 crore, SGST is ₹32,378 crore, IGST is ₹74,470 crore (including ₹ 39,131 crore collected on import of goods) and cess is ₹9,417 crore (including ₹981 crore collected on import of goods).
The average monthly gross GST collection for the last quarter of the FY22 has been ₹1.38 lakh crore, according to the official statement.
The government said, 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 rationalisation measures undertaken by the council to correct inverted duty structure.
The government has settled ₹29,816 crore to CGST and ₹25,032 crore to SGST from IGST as regular settlement. In addition, Centre has also settled ₹20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and states and union territories in this month.