Home Business GST collections at document excessive of Rs 1.42 lakh crore in March

GST collections at document excessive of Rs 1.42 lakh crore in March

GST collections at document excessive of Rs 1.42 lakh crore in March

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NEW DELHI: Items and providers tax (GST) collections for the month of March touched a brand new document excessive of Rs 1.42 lakh crore, breaching its earlier document of Rs 1.40 lakh crore in January.
In an official launch, the ministry of finance stated that financial restoration, anti-evasion actions, particularly motion in opposition to pretend billers have been contributing to the improved GST collections.
Gross GST revenues for March got here in at Rs 1.42 lakh crore, 15 per cent increased than the revenues in the identical interval final 12 months. It is usually 46 per cent increased than the revenues of March 2020.

With this, it’s the sixth straight month when GST collections have remained above the Rs 1.3 lakh crore-mark.
“In the course of the month, revenues from import of products was 25% increased and the revenues from home transaction (together with import of providers) are 11% increased than the revenues from these sources throughout the identical month final 12 months,” the discharge stated.
For the fourth quarter of monetary 12 months 2021-22, common month-to-month GST assortment amounted to Rs 1.38 lakh crore. For the primary, second and third quarters, common month-to-month collections got here in at Rs 1.10 lakh crore, Rs 1.15 lakh crore and Rs 1.30 lakh crore, respectively.

“The development in income has additionally been as a consequence of varied price rationalization measures undertaken by the Council to appropriate inverted obligation construction,” the discharge stated.
Of the overall collected, Central items and saervices tax (CGST) is Rs 25,830 crore, state items and providers tax (SGST) is Rs 32,378 crore, built-in items and providers tax (IGST) is Rs 74,470 crore (together with Rs 39,131 crore collected on import of products) and cess is Rs 9,417 crore (together with Rs 981 crore collected on import of products).
As well as, the federal government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as common settlement, the discharge added.
Moreover, the Centre has additionally settled Rs 20,000 crore of IGST on ad-hoc foundation within the ratio of fifty:50 between Centre and States/UTs on this month.
The full income of Centre and the States within the month of March 2022 after common and ad-hoc settlements is Rs 65,646 crore for CGST and Rs 67,410 crore for the SGST.
Additional, Centre launched GST compensation of Rs 18,252 crore to states/UTs in the course of the month.

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