Lawstreet Journal

GST Collection Hits All-Time High of Rs 1.42 Lakh Crore in March

Lawstreet Journal 4 Apr 2022 8:03pm

Image courtesy: Lawstreet Journal Executive GST Collection Hits All-Time High of Rs 1.42 Lakh Crore in March

The average monthly gross GST collections for FY22 now stands at Rs 1.42 lakh crore, which is 30.5 per cent higher than the monthly average seen in the previous fiscal.

Marking a new high since its rollout in July 2017, gross collections of Goods and Services Tax (GST) rose to Rs 1.42 lakh crore in March, for sales in February, according to data released by the Union Finance Ministry on Friday — a 14.7 per cent rise from March 2021 and a 45.6 per cent spike from March 2020.

The sharp surge has come on the back of anti-evasion measures, “especially action against fake billers”, and a pick-up in economic activity. The average monthly gross GST collections for FY22 now stands at Rs 1.42 lakh crore, which is 30.5 per cent higher than the monthly average seen in the previous fiscal.

The impact of Covid was visible from the drop in GST revenue at a monthly average of Rs. 94,733 crore in 2020-21, which was 9.5 per cent lower than the monthly average of Rs 1.04 lakh crore in the pre-Covid period of 2019-20.

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 rationalisation measures undertaken by the (GST) Council to correct inverted duty structure,” the Finance Ministry said in a statement.

It said the total number of e-way bills generated in February was 6.91 crore, higher than 6.88… Continue Reading...


Tagged: GST  
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