03.04.2023: GST collection grows 13% to Rs.1.6 Lakhs crore in March, second highest ever

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

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