GST Collection March 2023: Registering an increase, the gross GST revenue in the month of March increased to Rs 1,60,122 crore as compared to Rs 1,49,577 crore during February this year.
“The gross GST revenue of Rs 1,60,122 crore includes CGST of Rs 29,546 crore, SGST of Rs 37,314 crore, IGST of Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and Cess of Rs 10,355 crore (including Rs 960 crore) crore collected on import of goods),” the finance ministry said in a statement on Saturday (April 1).
This is the fourth time, in the current financial year, that gross GST collections have crossed the Rs 1.5 lakh crore mark, the second highest collection recorded since the implementation of GST. The highest ever IGST collection has happened in this month.
Government has settled Rs 33,408 crore in CGST and Rs 28,187 crore in SGST from IGST as regular settlement. The total revenue of the Center and States in March after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for SGST.
Revenue for the month of March:
Officials said that the revenue for the month of March 2023 is 13 per cent more than the GST revenue in the same month last year. During the month, revenue from import of goods was higher by 8 percent and revenue from domestic transactions (including import of services) was higher by 14 percent as compared to the revenue from these sources during the same month last year.
The return filing during March 2023 has been the highest ever. 93.2 per cent of invoice statements (in GSTR-1) and 91.4 per cent of February returns (in GSTR-3B) were filed by March 2023, as against 83.1 per cent and 84.7 per cent respectively in the same month last year.
The total gross collection for 2022-23 is Rs 18.10 lakh crore and the average gross monthly collection for the whole year is Rs 1.51 lakh crore. The gross revenue in 2022-23 was 22 per cent higher than the previous year.
The average monthly gross GST collection for the last quarter of FY 2022-23 stands at Rs 1.55 lakh crore as against average monthly collections of Rs 1.51 lakh crore, Rs 1.46 lakh crore and Rs 1.49 lakh crore in the first, second and third quarters. respectively.
(with inputs from agencies)
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