GST collections touches all-time high in March at Rs 1.42 lakh crore

The gross GST revenue collected in the month of March 2022 is Rs 1.42 lakh crore (1,42,095 crore). The gross GST collection in March 2022 is all time high breaching earlier record of Rs 1,40,986 crore collected in the month of January 2022.

According to a statement by the Ministry of Finance, the revenues for the month of March 2022 are 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020.

During the month, revenues from import of goods was 25% higher and the revenues from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.

Total number of e-way bills generated in the month of February 2022 is 6.91 crore as compared to 6.88 crore e-way bills generated in the month of January 2022 despite being a shorter month, which indicates recovery of business activity at faster pace, said the Ministry of Finance.

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 Ministry said.

The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure.