Gross GST collection in March touched an all-time high of over Rs 1.42 trillion, the Finance Ministry said on Friday.

The gross GST revenue collected in March 2022 is Rs 1.42 trillion, 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).

The gross GST collection in March 2022 is all-time high, breaching an earlier record of nearly Rs 1.41 trillion collected in January.

The government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 20,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and states/UTs in March. The total revenue of Centre and the states in the month of March 2022 after regular and ad-hoc settlements is Rs 65,646 crore for CGST and Rs 67,410 crore for the SGST. Centre also released GST compensation of Rs 18,252 crore to states/UTs during the month.

The revenues for the month of March 2022 are 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020. During the month, revenues from import of goods was 25% higher and the revenues from domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.

✅ All time high Gross #GSTCollection in March 2022, breaching earlier record of ₹1,40,986 crore collected in January 2022

✅ ₹1,42,095 crore gross #GST revenue collected in the month

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(1/2) pic.twitter.com/ywPJxQfElw— Ministry of Finance (@FinMinIndia) April 1, 2022

Total number of e-way bills generated in the month of February 2022 is 69.1 million as compared to e-way bills generated in the month of January 2022 (68.8 million) despite being a shorter month, which indicates recovery of business activityat faster pace, said the ministry in a statement.

The average monthly gross GST collection for the last quarter of the FY22 has been Rs 1.38 trillion as against the average monthly collection of Rs 1.1 trillion, Rs 1.15 trillion and Rs 1.3 trillion in the first, second and third quarters, respectively.

"The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure," the ministry said in a statement.