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GST collection in March at record high at Rs.1.42 lakh crore.

Date: 07-04-2022
Subject: GST collection in March at record high at Rs.1.42 lakh crore
Goods and services tax (GST) collections touched an all-time high of over ₹1.42 lakh crore in March, boosted by improved economic activity as the Omicron wave waned as well as anti-evasion measures and rate rationalisation. Separately released data showed the Indian Railways achieved the highest ever loading in a month during March at 139.25 million tonnes (MT), providing more evidence of economic recovery. Data released on Thursday showed core sector growth at a four-month high of 5.8% in February..
With this, the Centre's GST revenue for FY22 amounted to Rs 6.19 lakh crore, exceeding the revised budget target of Rs 5.70 lakh crore.
"The record GST collections have also been aided by the strong sales activity of corporates in March, as they race to close the fiscal with high topline growth," said MS Mani, partner, Deloitte India.
'Expect Collections to Rise Further in April'
ICRA chief economist Aditi Nayar said, "We expect collections to rise further in the next month, benefitting from improved economic activity and year-end adjustments."

Source Name:Economic Times

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