Goods and Services Tax (GST) revenue collected in March was ₹1,60,122 crore, the second highest monthly collections ever since its launch in July 2017, while the total gross revenue in FY23 (April 2022-March-2023) surpassed ₹18 lakh crore with over 22% year-on-year growth, the Union finance ministry said on Saturday.
HT on Friday reported that India’s GST collections in 2022-23 is set to exceed ₹18 lakh crore indicating the resilience of the Indian economy amid severe global headwinds.
“It is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever,” the ministry said in a statement.
According to the data, of the ₹1,60,122 crore collected in total, CGST [Central Goods and Services Tax] is ₹29,546 crore, SGST [State Goods and Services Tax] is ₹37,314 crore, IGST [Integrated Goods and Services Tax] 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 the government has settled ₹33,408 crore to CGST and ₹28,187 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in March 2023 after IGST settlement is ₹62,954 crore for CGST and ₹65,501 crore for the SGST, it said.
The revenues for the month of March 2023 are 13% higher than the GST revenues in the same month last year, informed the ministry, adding, the revenues from goods import were 8% higher and the revenues from the domestic transaction (including import of services) are 14% higher than the revenues from these sources during the same month last year.
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The return filing during March 2023 has been the highest ever. 93.2% of the 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, said the ministry.
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, it added.
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.