GST Collection Rises 13 Per Cent To Rs 1.60 Lakh Crore In March, Second Highest Collection Ever

The total gross collection for 2022-23 stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore, the ministry said.

This is for the fourth time, in the financial year 2022-23 that the gross GST collection has crossed the Rs 1.5 lakh crore mark.

Source : Getty

Ministry of Finance on Saturday said that the gross GST revenue collection in the month of March 2023 rose Rs 1.60 lakh crore 13 per cent higher than the GST revenues in March last year. This is for the fourth time, in the financial year 2022-23 that the gross GST collection has crossed the Rs 1.5 lakh crore mark, registering the second-highest collection since the implementation of GST.

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

March also witnessed the highest IGST collection ever.

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

The finance ministry also informed that the total gross collection for 2022-23 stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher than that last year.

The average monthly gross GST collection for the last quarter of the FY23 has been Rs 1.55 lakh crore against the average monthly collection of Rs 1.51 lakh crore, Rs 1.46 lakh crore, and Ra 1.49 lakh crore in the first, second, and third quarters respectively.

"During the month, revenues from import of goods was 8 per cent higher and the revenues from domestic transaction (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year," the ministry said. 

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