According to the Finance Ministry on Friday, gross GST income collected in March 2022 was the highest ever at ₹1.42 trillion.
CGST is ₹25,830 crore, SGST is ₹32,378 crore, IGST is ₹74,470 crore (including ₹39,131 crore collected on products imported), and cess is ₹9,417 crore of the $1.42 trillion collected (including ₹981 crore collected on import of goods).
The gross GST collection in March 2022 set a new record, surpassing the previous high of roughly ₹1.41 trillion 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. Of March, the Centre also settled ₹20,000 crore in IGST on an ad hoc basis in a 50:50 split between the Centre and states/UTs.
After regular and ad-hoc settlements, the total revenue of the Centre and the states in March 2022 is ₹65,646 crore for the CGST and ₹67,410 crore for the SGST. During the month, the Centre also distributed ₹18,252 crore in GST compensation to states and union territories.
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 69.1 million, compared to 68.8 million in January 2022, which suggests a faster recovery of commercial activity, according to the ministry in a statement.
In the last quarter of FY22, the average monthly gross GST collection was ₹1.38 trillion, compared to ₹1.1 trillion, ₹1.15 trillion, and ₹1.3 trillion in the first, second, and third quarters, respectively.
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