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Wednesday, November 29, 2023

Govt. collects Rs 1,42,095 cr as GST revenue in March hits all-time high

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In March 2022, India’s GST collection reached an all-time high. Maharashtra had the highest GST collection, at Rs 20,305 crore.

According to an official statement published on Friday, GST collections in March 2022 reached an all-time high of Rs 1,42,095 crore, spurred by economic recovery and anti-evasion initiatives such as action against fraudulent billers.

The previous high for GST collection was Rs 1,40,986 crore in January of this year.

The finance ministry stated, “The gross GST collection in March 2022 is at an all-time high, beating the previous record of Rs 1,40,986 crore received in January 2022.”

Maharashtra collected the most GST at Rs 20,305 crore, followed by Gujarat (Rs 9,158 crore), Karnataka (Rs 8,750 crore), Tamil Nadu (Rs 8,023 crore), Haryana (Rs 6,654 crore), and Uttar Pradesh (Rs 6,654 crore) (Rs 6,620 crore).

The finance ministry further said the gross Goods and Services Tax income collected in March 2022 was Rs 1,42,095 crore, with Central GST accounting for Rs 25,830 crore, State GST accounting for Rs 32,378 crore, and Integrated GST accounting for Rs 74,470 crore (including Rs 39,131 crore collected on import of goods). Cess was Rs 9,417 crore, including Rs 981 crore collected on goods imports.

The ministry stated, ” The GST collected by the government in March 2022 is 15% higher than the amount collected in March 2021.”

According to the report, the increase in revenue is also attributed to numerous rate rationalisation procedures implemented by the Council to fix the inverted duty structure.

Deloitte India partner M S Mani said, “The government collected the record also due to robust sales activity in March by corporates who strived to end the financial year with significant growth in topline (revenue).This immediately affects Goods and Services Tax, which is a transaction tax.”

The increase in important economic indicators, helped by a data-mining strategy to discover cases of evasion, has had a considerable influence on collections, according to Mani.

Mani said, “There is state-by-state difference in the rise of GST collections, but it would be intriguing to see an analysis comparing state-by-state GDP growth with its collections during the same time.”

Despite being a shorter month, the total number of e-way bills created in February 2022 is 6.91 crore as compared to 6.88 crore in January 2022, indicating a faster recovery of commercial activity.

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