Gandhinagar: Gujarat government earned a revenue of Rs 86,780 crore from GST, VAT and compensation in the year 2021-22, which is the highest revenue of the state government so far after the implementation of GST.

The revenue generated from GST in March 2022 was Rs 4530 crore, which is the highest monthly revenue after the implementation of GST law. It is Rs 1007 crore more than the GST revenue of March 2021 which was Rs 3523 crore. It indicates a growth of 28.56 percent. The revenue of March 2022 from GST is 8 percent more than the GST revenue of February 2022. The revenue of Rs 86,780 crore from GST, VAT and compensation in the year 2021-22 is Rs 20,057 crore more than the revenue of 2020-21 which was Rs 66.723 crore.

The state government has informed that the revenue of the state was affected due to the slowing down of economic activities due to covid-19 pandemic in 2020-21. The revenue of 2021-22 indicates that the economy of Gujarat is quickly recovering from the effects of covid-19 pandemic, it adds.

The above details were shared by the state government in a note.

Nationally

The gross GST revenue collected in the month of March 2022 is ₹ 1,42,095 crore of which CGST is ₹ 25,830 crore, SGST is₹ 32,378 crore, IGST is ₹ 74,470 crore (including ₹ 39,131 crore collected on import of goods) and cess is ₹ 9,417 crore (including ₹ 981 crore collected on import of goods). The gross GST collection in March’2022 is all time high breaching earlier record of ₹ 1,40,986 crore collected in the Month of January 2022.

The government has settled ₹ 29,816 crore to CGST and ₹ 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 this month. The total revenue of Centre and the States in the month of March 2022 after regular and ad-hoc settlements is ₹ 65646 crore for CGST and ₹ 67410 crore for the SGST. Centre also released GST compensation of  ₹ 18,252 crore to States/UTs during the month.

The revenues for the month of March 2022 are15% 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. Total number of e-way bills generated in the month of February 2022 is 6.91 crore as compared to e-way bills generated in the month of January 2022 (6.88 crore) despite being a shorter month, which indicates recovery of business activity at faster pace.

The average monthly gross GST collection for the last quarter of the FY 2021-22 has been ₹ 1.38 lakh crore against the average monthly collection of ₹ 1.10 lakh crore, ₹ 1.15 lakh crore and 1.30 lakh crore in the first, second and third quarters respectively. Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of March 2022 as compared to March 2021.

State-wise growth of GST Revenues during March 2022[1]