The Ministry of Finance has informed that the gross GST revenue collected in the month of March 2022 is all time high breaching earlier record of Rs 1,40,986 crore collected in the Month of January 2022.
The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore. Out of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods).
Accordingly, Centre has settled Rs 20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of March 2022 after regular settlement is Rs 65,646 crore for CGST and Rs 67,410 crore for the SGST. Centre has also released GST compensation of Rs 18,252 crore to States/UTs during the month.
Further, the revenues for the month of March 2022 are 15% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 25% higher while, the revenues from domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.
The chart below shows trends in monthly gross GST revenues during the current year.