All-Time High Gross VAT Collections in March, says Ministry of Finance

The highest gross VAT collection ever recorded in March 2022

Goods and services tax (GST) collections earned Rs. 1,42,095 crore in March, an all-time high, breaking the previous record of Rs. 1 40 986 crore was collected in January 2022, the Ministry of Finance said on Friday.

The gross GST revenue collected in March 2022 was Rs 1,42,095 crore, of which CGST (Central Goods and Services Tax) was Rs 25,830 crore, SGST (Government goods and services tax) was Rs 32,378 crore, IGSTs and Services (Integrated) Goods and Services)) was Rs 74,470 crore (including Rs 39,131 crore collected on importation of goods), and cess was Rs 9,417 crore (including Rs 981 crore collected on importation of goods).

Revenue for March 2022 is 15 percent higher than GST revenue in the same month last year.

“The improvement in revenue is also due to various rate rationalization measures undertaken by the Council to rectify the reverse service structure,” the ministry said.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button