JOIN USGST collection at all-time high of Rs 1.42 lakh crore in March
The Goods and Services collection in March stood at an all-time high of Rs 1.42 lakh crore, data released by the Centre showed Friday.
This is 15 per cent higher than the revenue collected in the same month last year and 46 per cent higher than the revenue in March 2020.
Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the GST Council to correct the inverted duty structure.
The total number of e-way bills generated in the month of February 2022 is 6.91 crore as compared to e-way bills generated in the month of January 2022 (6.88 crore) despite being a shorter month, which indicates the recovery of business activity at a faster pace.
"Higher GST collections, in addition to customs duty (rebound in gold imports in February 2022 post third wave), as well as direct taxes, are likely to have pushed up the gross tax revenues of the government well above the FY2022 revised estimates. Based on the additional tax devolved to the states in Feb-March 2022 (excluding arrears pertaining to earlier years), we have assessed that the gross tax revenues of the Centre likely overshot the revised estimate of Rs 27.6 lakh crore by a considerable Rs 2.25 lakh crore.
"Moreover, we estimate the net tax revenues (net of devolution to states in FY2022 at Rs 18.6 lakh crore, a robust Rs 0.9 lakh crore higher than the revised estimates of Rs. 17.7 lakh crore," said. Aditi Nayar, Chief Economist ICRA.
The average monthly gross GST collection for the January-March 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 Rs 1.30 lakh crore in the first, second and third quarters respectively.
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