The Goods and Services Tax Collection (GST) in the month of March recorded an all time high at Rs 1.42 lakh crore, breaching the earlier record of Rs 1,40,986 crore collected in January 2022, official data revealed.
The average monthly gross GST collection for the last quarter of the FY 2021-22 has been Rs 1.38 lakh crore and the Finance Ministry attributed the collection to economic recovery, anti-evasion activities, especially action against fake billers.
Experts claim the average collection to remain high.
“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,” MS Mani, Partner, Deloitte India said.
According to a statement issued by the Finance Ministry on Friday, the collection for March is 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020.
Of the total collection, Central GST is Rs 25,830 crore, STate GST is Rs 32,378 crore and Integrated GST is Rs 74,470 crore, including Rs 39,131 crore collected on import of goods, Finance Ministry said.
The cess collection stood at Rs 9,417 crore, including Rs 981 crore collected on import of goods.
The government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as a regular settlement.
“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 this month,” Finance Ministry said.
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