GST collections Hit an All-Time High in March

The gross goods and services tax (GST) revenue collected in the month of March, this year is ₹1.42 lakh crore. It is the highest-ever revenue collection since the implementation of the new taxation system. It broke the previous record of revenue collection created in the month of January this year when the revenue collected was ₹1,40,986 crore. The Ministry of Finance informed that the revenue collected in March this year is 15% more than the revenue it collected in March 2021 and 46% more than March 2020. GST collections in the month of February were ₹1,33,026 crore which was a bit lower because of the emergence of the Omicron variant. Of the total revenue collected, CGST is ₹25,830 crore, SGST is ₹32,378 crore, IGST is ₹74,470 crore and cess is ₹9,417 crore. According to the official statement, in the last quarter of the FY22, the average monthly gross GST collection was ₹1.38 lakh crore.