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  • DAILY CURRENT AFFAIRS:Highest ever GST Collection in the month of March 2022

Highest ever GST Collection in the month of March 2022

Tags: Economics/Business

The Goods and Service Tax (GST) collections in March 2022 rose to a record Rs 1.42 lakh crore as the economy slowly recovered from the Omicron wave.

 According to the data released by the Union Ministry of Finance on 1 April 2022, 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 gross GST revenue collected in the month of March 2022 is  Rs 1,42,095 crore of which:  

  • Central Goods and Service Tax (CGST) is Rs 25,830 crore, 

  •  State Goods and Service Tax (SGST) is Rs 32,378 crore,  

  • Integrated Goods and Service Tax( 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 gross GST collection in March 2022 is at an all time high breaching the earlier record of ₹ 1,40,986 crore collected in the Month of January 2022.

The government has settled ₹ 29,816 crore to CGST and ₹ 25,032 crore to SGST from IGST as regular settlement. In addition, 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 Centre and the States in the month of March 2022 after regular and ad-hoc settlements is ₹ 65646 crore for CGST and ₹ 67410 crore for the SGST. 

Centre also released GST compensation of  ₹ 18,252 crore to States/UTs during the month.

Important for Exam 

  • GST is a single Indirect tax in India 

  • It was implemented on 1 July 2017 

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