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In March, GST collection reached an all-time high of Rs 1.42 lakh crore

In a bright spot for the economy, the greatest ever GST collection was made in the month of March. The Goods and Services Tax (GST) collection rose to Rs 1,42,095 crore, breaking the previous high of Rs 1,40,986 crore set in January 2022.

The revenue for March 2022 is 15% higher than the revenue for the same month last year and 46% higher than the revenue for March 2020.

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Revenues from imports of products were 25% higher during the month, while revenues from domestic transactions (including imports of services) were 11% higher than revenues from both sources during the same month previous year.

COLLECTION OF GST

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In the month of March 2022, the gross GST income received is Rs 1,42,095 crore, of which Central GST is Rs 25,830 crore, state GST is Rs 32,378 crore, integrated GST is Rs 74,470 crore (including Rs 39,131 crore collected on imports of goods), and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods).

According to official statistics, the government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST as a normal settlement from IGST. Furthermore, the Centre has cleared Rs 20,000 crore of IGST on an ad hoc basis this month at a 50:50 split between the Centre and the states/union territories.

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In what appears to be an economic recovery, the total number of e-way bills created in February 2022 is Rs 6.91 crore more than the total number of e-way bills generated in January 2022. (Rs 6.88 crore).

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