India records highest GST collection in March: crosses Rs 1.42 lakh crore

The gross GST collection in March is at all-time high, breaching the earlier record of Rs 1,40,986 crore collected in January 2022, Finance Ministry said.

India’s GST collections in March 2022 rose to a record of Rs 1.42 lakh crore as the economy slowly recovered from the Omicron wave, the Finance Ministry said on Friday. The revenues for the month of March 2022 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, the ministry added. The average monthly gross GST collection for the last quarter of the financial year 2021-22 has been Rs 1.38 lakh crore.

The gross GST revenue collected in the month of March 2022 is  Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods).

The average monthly gross GST collection for the last quarter of the financial year 2021-22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs1.15 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,” the ministry further stated.