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, according to a statement by the Finance Ministry on May 1.
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 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 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. GST collection in April was Rs 25,000 crore more than the collection in March.
Also Read: April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources
Earlier last month, CNBC TV-18 had reported citing sources in the Finance Ministry that GST collection in April is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore.
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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The Finance Ministry attributed the rise in GST collections to the ongoing economic recovery along with anti-evasion activities and the various rate rationalisation measures undertaken by the GST Council to correct inverted duty structures.
Also Read: FinMin ’embarrassed’ PM Modi by putting out GST dues on day he admonished states: Chidambaram
While the GST collections are on a high, deliberations are also reportedly underway to rationalise the taxation rates. The Finance Ministry, on April 25, said that the Group of Ministers – constituted in September last year to deliberate on the rates – was yet to submit their report.
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