New Delhi: The gross revenue collection of Goods and Service Tax (GST) in March 2022 saw an all-time highest collection of Rs 1,42,095 crores. This collection surpassed the earlier record of Rs 1,40,986 crore that was reached in January 2022.
The improvement in revenue comes with economic recovery, anti-evasion activities, especially action against fake billers, and the number of rate rationalization measures taken by the Council to correct the inverted duty structure.
The Finance Ministry announced that Central GST amounts to a total of Rs 25,830 crore followed by State GST of Rs 32,378 crore. Integrated GST amounts to Rs 74,470 (including Rs 39,131 crore collected on imports of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected from import of goods).
The government has settled Rs 29,816 crore to CGST and Rs 25,032 crores to SGST from IGST as regular settlements.
In addition to that, the centre also settled Rs 20,000 crore of IGST on an ad-hoc basis in the ratio of 50:50 between the Centre and the States/UT in March. The total revenue of the centre and the states in March 2022 after regular and ad-hoc settlements is Rs 65,646 crores for CGST and Rs 67,410 crore for the SGST.
The centre also released GST compensation of Rs 18,252 crores to States/UTs during the month.
The revenue for March 2022 is 15 percent higher than the GST revenue of last year.
The total number of e-way bills generated in February is 6.91 crores as compared to January 2022 which amounted to 6.88 crores.