Gross GST Collection for the month of March 2022
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Recently Finance Ministry published Gross GST revenue collection for the month of March 2022 on PIB, where ministry is excited about to share all time high gross GST revenue collection which is Rs 1,42,095 crores which consists of Rs 25,830 crores of CGST, Rs 32,378 crores of SGST, Rs 74,470 crores of IGST (including ₹ 39,131 crore collected on import of goods) and cess of Rs 9,417 crores (it includes Rs 981 crores collected on import of goods).
The revenue collected during the month are 15% higher that GST revenue collected last year and 46% higher than GST revenue collected in March 2020. In last two years, there was an hit of COVID-19 in our countries and as the restrictions are slowing down which is positively showing signs of recovery. This can be figured from GST revenue collection.
Further notification talks about “The average monthly gross GST collection for the last quarter of the FY 2021-22 has been ₹ 1.38 lakh crore against the average monthly collection of ₹ 1.10 lakh crore, ₹ 1.15 lakh crore and 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. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure”
For statewise GST revenue collection, users are requested to visit below stated official notification link for reference:
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1812315
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Team Taxation Insight
