March 2022: GoI had collected an all-time high of Rs 1.42 lakh crores as GST

The greatest ever GST was collected in March, which is a very good for the economy. The Goods and Services Tax (GST) collection totaled Rs 1,42,095 crore, breaking the previous high of Rs 1,40,986 crore set in January 2022.

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KEY POINTS:

• The March 2022 revenues are 15% greater than the same month last year and 46% higher than the March 2020 revenues.
• Revenues from imports of products were 25% higher during the month, while revenues from domestic transactions (including imports of services) were 11% higher than in the same month last year.
• In the month of March 2022, the gross GST revenue collected was Rs 1,42,095 crore, with Central GST at Rs 25,830 crore, state GST at Rs 32,378 crore, integrated GST at Rs 74,470 crore, including Rs 39,131 crore collected on imports of goods, and cess at Rs 9,417 crore, including Rs 981 crore collected on imports of goods.

The government has paid Rs 29,816 crore to the CGST and Rs 25,032 crore to the SGST as normal settlement from the IGST, according to official data. This month, the Centre also settled Rs 20,000 crore of IGST on an ad hoc basis in a 50:50 split between the Centre and the states/Union Territories.

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