GST collections during March hit a new monthly record, topping Rs 1.42 lakh crore, driven by a sharp rise in collections on imports.
“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,” the finance ministry said in a statement.
During 2021-22, annual growth was estimated to have gone up 30.5%, which came on the back of a 7% decline in the previous year on account of the national lockdown and the impact of Covid-19 on overall economic activity.
Maharashtra has reported an almost 32% increase in GST revenue over 2020-21. GST collections for fiscal 2021-22 was Rs 2.2 lakh crore against Rs 1.6 lakh crore the previous year. Maharashtra’s GST collections are the highest in the country and it is the main revenue earner for the state government.