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New Delhi: GST collection grew by 13 percent in March to Rs 1.60 lakh crore, which is the second-highest mop-up since the rollout of the indirect tax regime. The return filing during March 2023 has been the highest ever.
Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.
The total gross collection for the complete 2022-23 fiscal stands at Rs 18.10 lakh crore, 22 percent higher than the previous year. The average gross monthly collection for the full year is Rs 1.51 lakh crore. It is for the fourth time in the just gone by financial year that the gross GST collection has crossed Rs 1.5 lakh crore-mark, registering the second-highest collection in March since the implementation of GST. Last month also witnessed the highest IGST collection ever, the ministry said.
In April last year, GST collection had touched a record high of Rs 1.68 lakh crore. Revenue for the month of March 2023 is 13 percent higher than the GST revenue in the same month last year, the ministry said. During the month, revenue from the import of goods was 8 percent higher and revenue from domestic transactions (including import of services) is 14 percent higher than the revenue from these sources during the same month last year.
The return filing during March 2023 has been the highest ever. 93.2 percent of statements of invoices (in GSTR-1) and 91.4 percent of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1 percent and 84.7 percent respectively a year ago.
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