India's Goods and Services Tax (GST) collection rose 13 per cent to over ₹1.60 lakh crore in March, according to a statement by the finance ministry. This happened for the fourth time in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore, marking the second-highest collection ever.

“The gross GST revenue collected in the month of March 2023 is ₹1,60,122 crore of which CGST is ₹29,546 crore, SGST is ₹37,314 crore, IGST is ₹82,907 crore (including ₹42,503 crore collected on import of goods) and cess is ₹10,355 crore (including ₹960 crore collected on import of goods),” the ministry said.

This month witnessed the highest IGST collection ever.

The government has settled ₹33,408 crore to CGST and ₹28,187 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of March 2023 after IGST settlement is ₹62,954 crore for CGST and ₹65,501 crore for the SGST.

The revenues for the month of March 2023 are 13% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 14% higher than the revenues from these sources during the same month last year.

The return filing during March 2023 has been highest ever. 93.2% of statement of invoices (in GSTR-1) and 91.4% of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1% and 84.7%, respectively, same month last year.

The total gross collection for 2022-23 stands at ₹18.10 lakh crore and the average gross monthly collection for the full year is ₹1.51 lakh crore.

The gross revenues in 2022-23 were 22% higher than that last year. The average monthly gross GST collection for the last quarter of the FY 2022-23 has been ₹1.55 lakh crore against the average monthly collection of ₹1.51 lakh crore, ₹1.46 lakh crore and ₹1.49 lakh crore in the first, second and third quarters respectively.

Source: Livemint
https://www.livemint.com/news/india/gst-collection-grows-13-to-rs-1-60-lakh-crore-in-march-second-highest-ever-11680346165803.html