March 2023 sees second highest GST collection, Rs 1.60 lakh crore gross GST revenue collected for March 2023.
According to data released by the Ministry of Finance on April1, The Goods and Services Tax (GST) revenue collected in 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).
It is for the fourth time, in the financial year 2022-23 that the gross GST collection has surpassed the Rs 1.5 lakh crore marking it the second highest collection since implementation of GST in July 2017.
The revenues in March 2023 rose 13% than the GST revenues in March 2022.
“During the month, revenues from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 14% higher than the revenues from these sources during the same month last year,” stated the release.
The return filing in March 2023 has also surged upto 93.2% of 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 in March 2022.
The total gross GST collection in the last financial year 2022-23 stands at Rs 18.10 lakh crore i.e., the gross GST collection rose 22% in the last fiscal year to Rs 18.10 lakh crore and while the average gross monthly collection for the full year is Rs 1.51 lakh crore.
The average monthly gross GST collection for the last quarter of the FY 2022-23 was 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.
The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of March 2023 as compared to March 2022.
IMAGE SOURCE- MINISTRY OF FINANCE
According to an article in Hindustantimes, the progressive growth in GST collections since its implementation in 2017 proving that the new indirect tax regime has matured.
The Modi led government had earlier faced a lot of criticism from the opposition parties over the implementation of GST.
Post your Comment