The gross GST revenue in March 2023 is Rs 1,60,122 crore, of which central GST is Rs 29,546 crore.
New Delhi:
GST collections grew by 13 per cent in March to reach the second highest level of Rs 1.60 lakh crore, taking the growth rate of revenue collection for the entire fiscal year 2022-23 to 22 per cent.
Over 91 per cent GST registered businesses filed returns and paid taxes in March – indicating greater compliance and improvement in economic activity.
Gross GST revenue in March 2023 is Rs 1,60,122 crore, including Central GST Rs 29,546 crore, State GST Rs 37,314 crore, Integrated GST Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and Cess. 10,355 crore, the finance ministry said in a statement.
In April 2022, the GST collection had touched a record high of Rs 1.68 lakh crore. The second largest mop-up was recorded in March 2023, at a little over Rs 1.60 lakh crore.
For the full fiscal year 2022-23, the gross Goods and Services Tax (GST) collection grew by 22 per cent to Rs 18.10 lakh crore. The average gross monthly collection for the whole year is Rs 1.51 lakh crore.
March is the fourth time in the last financial year when the monthly gross GST collection crossed the Rs 1.5 lakh crore mark. The ministry said that last month also saw the highest ever IGST collection.
The ministry said that the revenue in the month of March 2023 is 13 per cent higher 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 ministry said that the filing of returns during March 2023 has been the highest ever. 93.2 per cent of invoice statements (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) were filed by March 2023, as against 83.1 per cent and 84.7 per cent, respectively, a year ago.
KPMG in India Partner Indirect Tax Abhishek Jain said the monthly and annual GST collections point to the growing momentum of the Indian economy.
“Another cheering point is the highest compliance rate with 91.4 per cent returns filed in the month of March, indicating the success of revenue officials and businesses in ensuring tax compliance and preventing tax evasion,” Jain said.
Deloitte India, Partner, Leader – Indirect Taxes, Mahesh Jaisingh said that with the increase in economic activity and increasing focus on GST analytics based audits, this trend should be seen to increase in the coming months.
“Moreover, with the new FTP starting from today, we have to wait and see the impact on import-export, which is also expected to play a role in GST collections,” Jaisingh said.
Tax Connect Advisory Partner Vivek Jalan said that businesses are also understanding that strong compliance is the way forward under GST and the significant increase in GST return filings from the initial 80 per cent to over 90 per cent is reflected in That Indian businesses are growing fast. in the mainstream.
Jalan said this would also increase income tax revenue and increase GDP. PTI JD Anu Anu