March 2023 also witnessed the highest IGST collection ever.
It is for the fourth time in the current financial year that the gross GST collection has crossed the Rs 1.5 lakh crore mark
GST collections in March 2023 rose 13 per cent year-on-year to Rs 1.60 lakh crore, according to the latest data from the finance ministry. The return filing in March was the highest ever, and the collections were second highest ever.
“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 finance ministry said in a statement on Saturday.
It said it is for the fourth time in the current financial year that the gross GST collection has crossed the Rs 1.5 lakh crore mark, “registering the second-highest collection since the implementation of GST”. This month witnessed the highest IGST collection ever.
Abhishek Jain, partner (indirect tax) at KPMG in India, said, “Monthly GST collection for the month of March being the second highest of all time, coupled with 22 per cent higher GST collections for FY 22-23 over last year point towards the growing trajectory of the Indian economy. Another cheer point is the highest ever compliance rate with 91.4 per cent of returns being filed in the month of March, indicating success of revenue authorities and businesses in ensuring tax compliance and preventing tax evasion.”
The government has settled Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in March 2023 after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST.
“The revenues for the month of March 2023 are 13 per cent higher than the GST revenues in the same month last year. 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. About 93.2 per cent of statement 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.
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 FY 2022-23 has been Rs 1.55 lakh crore against the average monthly collection 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.
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