India's GST revenue in the month of March has hit an all time high of £14.21 billion. The collection during the month is up 15% year-on-year from £12.3,9 billion in March last year.
The ministry of finance said that of the collection of £14.21 billion, CGST is £2.58 billion, SGST is £3.24 billion, IGST is £7.44 billion (including £3.91 billion collected on import of goods) and cess is £941.7 million (including £98.1 million collected on import of goods).
"The gross GST collection in March 2022 is all time high breaching earlier record of £14.09 billion collected in the month of January 2022," the ministry release added.
"Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure," it added.
Reacting to the record collection, MS Mani, partner at Deloitte India, said, "With the major economic indicators on an upswing, aided by a data-mining approach to detect cases of GST evasion, there has been a significant impact on the collections. The record GST collections have been aided by the strong sales activity of corporates in March, as they race to close the fiscal with high top line growth. This has a direct bearing on GST, which is a transaction tax."
