GST collection soars to Rs 1.68 lakh crore
By MYBRANDBOOK
The monthly collection under the Goods and Services Tax (GST) has peaked to an all-time high of Rs 1.68 lakh crore in April 2022. The GST collection in April was Rs 25,000 crore more than the collection in March.
The gross GST revenue collected April 2022 is Rs 1,67,540 crore, out of which CGST is Rs 33,159 crore, SGST is Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess is Rs 10,649 crore (including Rs 857 crore collected on import of goods).
The gross GST collection has crossed the Rs 1.5 lakh crore-mark for the first time in April 2022 and Rs 1 lakh crore-mark for the tenth month in a row. The gross GST collection in April marks a consecutive month-on-month (MoM) surge as a record-high amount of Rs 1.42 lakh crore was collected in March.
The revenues for the month of April 2022 are 20% higher than the GST revenues in the same month last year. The total revenue of Centre and the States in the month of April 2022 after regular settlement was Rs 66,582 crore for CGST and Rs 68,755 crore for the SGST.
Experts said the rise could also be attributed to year-end activity, higher inflation rate, input tax credit being allowed only on timely compliance by vendors and high value of imports. For FY22 as a whole, total GST collections amounted to Rs 14.83 lakh crore, up 30 percent from Rs 11.37 lakh crore in FY21.
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