GST collections at record high of Rs 1.42 lakh crore in March – Times of India

NEW DELHI: Items and companies tax (GST) collections for the month of March touched a brand new report excessive of Rs 1.42 lakh crore, breaching its earlier report of Rs 1.40 lakh crore in January.
In an official launch, the ministry of finance stated that financial restoration, anti-evasion actions, particularly motion towards faux billers have been contributing to the improved GST collections.
Gross GST revenues for March got here in at Rs 1.42 lakh crore, 15 per cent larger than the revenues in the identical interval final yr. It’s also 46 per cent larger than the revenues of March 2020.

With this, it’s the sixth straight month when GST collections have remained above the Rs 1.3 lakh crore-mark.
“Through the month, revenues from import of products was 25% larger and the revenues from home transaction (together with import of companies) are 11% larger than the revenues from these sources throughout the identical month final yr,” the discharge stated.
For the fourth quarter of economic yr 2021-22, common month-to-month GST assortment amounted to Rs 1.38 lakh crore. For the primary, second and third quarters, common month-to-month collections got here in at Rs 1.10 lakh crore, Rs 1.15 lakh crore and Rs 1.30 lakh crore, respectively.
“The advance in income has additionally been on account of varied fee rationalization measures undertaken by the Council to appropriate inverted responsibility construction,” the discharge stated.
Of the overall collected, Central items and saervices tax (CGST) is Rs 25,830 crore, state items and companies tax (SGST) is Rs 32,378 crore, built-in items and companies tax (IGST) is Rs 74,470 crore (together with Rs 39,131 crore collected on import of products) and cess is Rs 9,417 crore (together with Rs 981 crore collected on import of products).
As well as, the federal government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as common settlement, the discharge added.
In addition to, the Centre has additionally settled Rs 20,000 crore of IGST on ad-hoc foundation within the ratio of fifty:50 between Centre and States/UTs on this month.
The overall income of Centre and the States within the month of March 2022 after common and ad-hoc settlements is Rs 65,646 crore for CGST and Rs 67,410 crore for the SGST.
Additional, Centre launched GST compensation of Rs 18,252 crore to states/UTs throughout the month.

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