[Breaking] GST Collection: March 2022 saw all time highest collection of Rs 1,42,095 crore, All Previous Records Broken

In March 2022, gross GST income was Rs. 1,42,095 crore, with CGST of Rs. 25,830 crore, SGST of Rs. 32,378 crore, IGST of Rs. 74,470 crore (including Rs. 39,131 crore collected on import of goods), and cess of Rs. 9,417 crore (including Rs. 981 crore collected on import of goods). The gross GST collection in March 2022 set a new record, surpassing the previous high of Rs. 1,40,986 crore set in January 2022.

As part of the normal settlement, the government has paid 29,816 crore to the CGST and 25,032 crore to the SGST from the IGST. In addition, the Centre has paid Rs. 20,000 crore in IGST on an ad hoc basis in a 50:50 split between the Centre and the States/UTs this month. After regular and ad-hoc settlements, the total income of the Centre and the States in March 2022 is 65646 crore for the CGST and 67410 crore for the SGST. During the month, the Centre also paid States and UTs a total of Rs 18,252 crore in GST compensation.

The GST revenues in March 2022 are 15% higher than the same month last year and 46% higher than the GST revenues in March 2020. Revenues from imports of products were 25 percent higher during the month, while revenues from domestic transactions (including imports of services) were 11 percent higher than during the same month last year. Despite being a shorter month, the total number of e-way bills created in February 2022 is 6.91 crore, compared to 6.88 crore in January 2022, indicating a faster recovery of company activity.

The average monthly gross GST collection for the fourth quarter of Fiscal Year 2021-22 was 1.38 lakh crore, compared to 1.10 lakh crore, 1.15 lakh crore, and 1.30 lakh crore in the first, second, and third quarters, respectively. Anti-evasion activities, particularly action against false billers, have contributed to the increased GST, which has been paired with economic recovery. The Council’s various rate rationalisation actions to remedy the inverted duty structure have also contributed to the increase in revenue.

The graph below depicts monthly gross GST income trends for the current fiscal year. The table compares the amount of GST collected in each state in March 2022 versus March 2021.

State-wise growth of GST Revenues during March 2022

Does not include GST on import of goods