According to the new data released by the Finance Ministry, the GST collection in the country has increased to Rs 1.42 lakh crore in March 2022. It also broke the recent record in GST collection of Rs 1,40,986 crore collected in January. this year.
Earlier in December 2021, the GST revenue collection had increased to Rs 1.29 lakh crore. There has been a steady increase in data collection for some time now. The Finance Ministry on Friday said that gross GST collection in March reached an all-time high of Rs 1.42 lakh crore.
This time the collection has been more than 15% as compared to March 2021, which is a good sign for the Indian economy. The increase in GST collection clearly indicates that the economy is recovering at a fast pace. There has been an increase in aggregate demand in the Indian economy. Along with economic growth, anti-theft activities, especially crackdown on counterfeit currency, are also contributing to the growth in GST collections.
“The improvement in revenue is also on account of various rate rationalization measures undertaken by the Council to correct the inverted duty structure,” the ministry said in a statement.