Leh: With spring of opportunities, better infrastructure and improved lifestyle leading to enhanced consumption the Ladakh region has reported highest percentage of GST collection in the country for the month of March.
Even as the whole country has reported 15% higher GST collection for the month of March, the Union Territory of Ladakh has shown an unprecedented grown of 72%.
Economists are of the view that early tourist arrival and increased local spending spiking up consumptions have resulted in increased GST collections. After its elevated as Union Territory, Ladakh is through a spring of new opportunities hiking local peoples’ spending capacities.
Collection details suggest that Ladakh saw the highest jump in GST collections, a 72% (year-on-year) basis, followed by Lakshadweep which registered a 36% rise. Jammu and Kashmir, the partner Union Territory, has reported a hike of mere 5% in GST collections.
Highest GST collection in Ladakh is also a positive reflection on the institutional reforms in the remote Union Territory.
India has reported highest ever GST collection in the month of March. The collection of Goods and Services Tax (GST) stood at Rs 1,42,095 crore, breaching the earlier record of Rs 1,40,986 crore collected in January 2022.
The revenues for 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 the import of goods were 25% higher and the revenues from domestic transactions (including imports of services) were 11% higher than the revenues from these sources during the same month last year.
The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore, of which Central GST is Rs 25,830 crore, state GST is Rs 32,378 crore, integrated GST is Rs 74,470 crore (including Rs 39,131 crore collected on the import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods).
According to official data, 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 at the ratio of 50:50 between the Centre and the states/Union Territories this month.
The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore, of which Central GST is Rs 25,830 crore, state GST is Rs 32,378 crore, integrated GST is Rs 74,470 crore (including Rs 39,131 crore collected on the import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods).
According to official data, 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 at the ratio of 50:50 between the Centre and the states/Union Territories this month.
Negative collection figures came to the fore from Daman and Diu, which saw GST revenue at -92%.
