The all-time record for GST collection in March, find out how much?
New Delhi: In March 2022, a total of Rs 1,72,045 crore GS7 was collected in the country, a record. Of this, the central GST was Rs 25,730 crore, the state GST was Rs 32,38 crore and the IGST was Rs 7,60 crore. The combined GST has an import duty of Rs 38,131 crore, which is collected from various imports. Similarly, the amount of profit or cess collected and other additional taxes collected during the month was Rs 6,918 crore. It includes a total of Rs 41 crore of Nirola cess from imported goods.
The total GST collected in March 2022 is an all-time record. In January this year, the country’s GST collected at a total GST of Rs 1,60.8 crore broke the March record. Under the regular payment system, the central government has provided Rs 27,918 crore for the central GST out of the total GST collected this month, while the state has paid Rs 25,032 crore for the state GST receivables. In addition, the central government has allocated Rs 20,000 crore to the states in March by dividing the money collected under the integrated GST by a 50:50 ratio. According to the regular and partial (temporary) GST, the central government received a total of Rs 75.8 crore on central GST in March this year and Rs 4,610 crore on state GST. In addition, Rs 17,252 crore has been provided by the central government to the various states in March for GST compensation.
The total GST collected in March this year was 15 per cent higher than the GST collected in March 2021. That’s 7% more than in March 2020. In March 2022, more than 25 per cent revenue was collected from imported goods, while revenue from domestic trade and services exports increased by 11 per cent compared to March 2021. In February 2022, a total of 7. As many as Rs 41 crore was generated by e-weblogs in January this year. 4 crore. Despite the shortening of the working day in March, the recovery of business activity was rapid. In the last quarter of fiscal year 2021-22, the average GST was Rs 1.34 crore.
In the first, second and third quarters of that financial year, the collection rate was 1. Rs 10 lakh crore, Rs 1.15 lakh crore and Rs. Rs 3 lakh crore. GST collection has risen as a result of strong economic recovery and strong measures to curb tax fraud. Strict action is being taken against fraudulent bills in tax payments. In addition, the GST Council has focused on simplifying and justifying the tax system, which has also helped in revenue collection. The chart below shows the total GST collection this month. The table below shows the GST collection in each state on March 1, 2022 and its growth rate compared to March 2021.