Meghalaya has again shown a growth in terms of GST revenue collection for March this year which was recorded at 19 per cent.
The data provided by the Finance Ministry on a year-on-year basis stated that Meghalaya in March this year generated GST revenue amounting to Rs 181 crore as against Rs 152 crore generated in March last year.
However, the GST collection from Meghalaya this time was much lower as compared to February 2022 which was Rs 201 crore and a growth of 37 per cent from that of February 2021 which was Rs 147 crore.
Meanwhile, India’s GST collection in March this year touched a record high in March 2022 at Rs 1,42,095 crore. The previous record high stood at Rs 1,40,986 crore collected in January 2022.
On a year-on-year basis, the GST revenue for last month was 15 per cent higher than the collections during the same month last year, and 46 per cent higher than the GST revenues in March 2020.
Of the gross GST revenue amounting to Rs 1,42,095 crore collected in March 2022, 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 Finance Ministry said that the government has settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 20,000 crore of IGST on an ad-hoc basis in the ratio of 50:50 between Centre and states or union territories in this month.
The Finance Ministry also stated that during the month under review, revenues from import of goods were 25 per cent higher and the revenues from domestic transactions (including import of services) were 11 per cent higher than the revenues from these sources during the same month last year.
It further said that the average monthly gross GST collection for the last quarter of FY22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs 1.15 lakh crore and Rs 1.30 lakh crore in the first, second and third quarters, respectively.
Attributing the enhanced GST collection to economic recovery, anti-evasion activities, especially action against fake billers, the Finance Ministry also said that the improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure.
