As per statement from the finance ministry, India's Goods and Services Tax (GST) collection increased 13% to over Rs. 1.60 lakh crore in March. The gross GST collection has already exceeded Rs. 1.5 lakh crore four times in the current fiscal year, which is the second-highest amount ever.
The amount of IGST collected this month was the biggest ever.
The government made a regular settlement of Rs. 33,408 crore to CGST and Rs. 28,187 crore to SGST from IGST. After the IGST settlement, the combined income for the Centre and the States in the month of March 2023 is Rs. 62,954 crore for the CGST and Rs. 65,501 crore for the SGST.
The income for March 2023 is 13% more than the income from GST in the same month last year. In comparison to the same month last year, the income from imports of products was 8% higher and the income from domestic transactions, which includes the import of services, was 14% higher during the current month.
The maximum number of returns have ever been filed in March 2023. In comparison to the same month previous year, 93.2% of statement of invoices (in GSTR-1) and 91.4% of returns (in GSTR-3B) for February were filed through March 2023.
The average gross monthly collection for the entire year is Rs. 1.51 lakh crore, and the total gross revenue for 2022–23 is Rs. 18.10 lakh crore.
2022–2023 saw a 22% increase in gross revenues over the previous year. In comparison to the first, second, and third quarters' average monthly gross GST collections of Rs. 1.51 lakh crore, Rs. 1.46 lakh crore, and Rs. 1.49 lakh crore, respectively, the fourth quarter of FY 2022–23 saw an average monthly gross GST collection of Rs. 1.55 lakh crore.
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