The government has released the GST monthly collection figures for March 2022. The gross collection has reached all-new highs of Rs.1,42,095 crore. The Finance Ministry released a press note on Friday, 1st April 2022, providing details of the GST revenue collections for March 2022.
It comprises SGST of Rs.32,378 crore, CGST worth Rs.25,830 crore, Integrated tax or IGST of Rs.74,470 crore and cess of Rs.9,417 crore. The gross figure of IGST also includes Rs.39,131 crore for importing goods. At the same time, Rs.981 crore of cess on imported goods was included in the total cess collections.
In March 2022, The GST collections breached the previous highs of Rs.1,40,986 crore achieved in January 2022. The GST collections in February 2022 had dipped down to Rs.1,33,026 crore. The March 2022 revenues are 15% higher Year-on-Year (YoY) basis, i.e., compared to March 2021, which was at Rs.1,23,902 crore. Further, the revenue in March 2022 was 46% more than the GST collections two years back.
The revenue improvement can also be attributed to the several rate rationalisation activities carried out by the GST Council to correct the inverted tax structure prevailing in the GST ecosystem.
In March 2022, import and domestic revenues were 25% and 11% more Y-o-Y basis. The domestic revenues included service imports as well. The quantum of e-way bills generated in February 2022 is 6.91 crore compared to e-way bills in January 2022, which was 6.88 crore. Despite February 2022 being a shorter month, the figures suggested a business recovery at a faster pace.
The government has paid Rs.29,816 crore towards CGST and Rs.25,032 crore towards SGST out of the Integrated GST for regular settlement. Moreover, they have also settled IGST of Rs.20,000 crore on an ad-hoc basis in equal proportion between Centre and states/UTs in March 2022.
The total revenue of both the Centre and the States in March 2022 after fulfilling the regular and ad-hoc settlements is Rs.65,646 crore of CGST and Rs.67,410 crore of SGST. The Centre also settled GST compensation of Rs.18,252 crore to States/UTs during March 2022.
Odisha achieved the highest Y-o-Y revenue growth of 26% in March 2022. The gross GST revenue in Odisha has seen a 49% rise during FY 2021-22 when compared to FY 2020-21.
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Annapoorna, popularly known as Anna, is an aspiring Chartered Accountant with a flair for GST. She spends most of her day Singing hymns to the tune of jee-es-tee! Well, not most of her day, just now and then.