The revenue collection of the government is showing an upward trend. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct the inverted duty structure.
Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST.
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The gross GST revenue collected in March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is ₹ 74,470 crore (including Rs 39,131 crores collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crores collected on import of goods). The gross GST collection in March’2022 is an all-time high breaching an earlier record of ₹ 1,40,986 crore collected in January 2022.
The government has settled Rs 29,816 crores to CGST and Rs 25,032 crores to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs. 20,000 crore of IGST on an ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of the Centre and the States in March 2022 after regular and ad-hoc settlements is ₹ 65646 crore for CGST and ₹ 67410 crores for the SGST. The Centre also released GST compensation of ₹ 18,252 crores to States/UTs during the month.
The revenues for 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 were 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.
The total number of e-way bills generated in February 2022 is 6.91 crore as compared to e-way bills generated in January 2022 (6.88 crores) despite being a shorter month, which indicates the recovery of business activity at a faster pace.
The average monthly gross GST collection for the last quarter of the FY 2021-22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs 1.15 lakh crore and 1.30 lakh crore in the first, second and third quarters respectively.
