Record breaking GST collections of March

Record breaking GST collections of March

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Record breaking GST collections of March

Goods and Services Tax (GST) collections for March reached an all-time high of Rs 1.42 lakh crore, up 6.8 percent from the previous month. This data presented on April 1 by the finance ministry.

Bifurcation of GST:

Central GST was Rs 25,830 crore, State GST was Rs 32,378 crore, Integrated GST was Rs 74,470 crore, and compensation cess was Rs 9,417 crore out of the total collection of GST.

In March, the government reconciled Rs 29,816 crore to Central GST and Rs 25,032 crore to State GST from Integrated GST.

As per the finance ministry, Centre has also squared up Rs 20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs (Union Territories) in this month.

The total revenue for the month after the settlement was Rs 65,646 crore for the Centre and Rs 67,410 crore for State GST.

Comparison with same period of time:

15% growth in revenues for the month of March 2022 is seen from the GST revenues in the same month last year and 46% growth in the GST revenues from March 2020.

Total number of e-way bills generated in the month of February 2022 is around 6.91 crore which was 6.88 crore in the month of January 2022 despite being a shorter month. It indicates the recovery of business activity at faster pace.

The month of March 2022 is the ninth month in a row that the total GST wiped up above the Rs 1-lakh-crore mark.

GST collection for FY2022:

Total GST collections were reported to Rs 14.83 lakh crore for FY22 which is up 30 percent from Rs 11.37 lakh crore in FY21.

The current rise in GST collections was due to ongoing economic recovery along with anti-evasion activities and the various rate rationalizations evaluates undertaken by the GST Council to correct reversed duty structures.

Question & Answer:

Q1. How much lakh crore GST collected for the month of March 2022?

Ans. 1.42 lakh crore

Q2. What is the total GST collections reported to how much lakh crore for Financial Year 2022?

Ans. Rs 14.83 Lakh crore

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