Home Business GST Collection Rises 13 Per Cent To Rs 1.60 Lakh Crore In March, Second Highest Collection Ever

GST Collection Rises 13 Per Cent To Rs 1.60 Lakh Crore In March, Second Highest Collection Ever

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Ministry of Finance on Saturday stated that the gross GST income assortment within the month of March 2023 rose Rs 1.60 lakh crore 13 per cent greater than the GST revenues in March final yr. That is for the fourth time, within the monetary yr 2022-23 that the gross GST assortment has crossed the Rs 1.5 lakh crore mark, registering the second-highest assortment because the implementation of GST.

“The gross GST income collected within 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 (together with Rs 42,503 crore collected on import of products) and cess is Rs 10,355 crore (together with Rs 960 crore collected on import of products),” the ministry stated.

March additionally witnessed the best IGST assortment ever.

The federal government additionally stated that it has settled Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as common settlement. The overall income of the Centre and the States within the month of March 2023 after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST, it added. 

The finance ministry additionally knowledgeable that the entire gross assortment for 2022-23 stood at Rs 18.10 lakh crore and the typical gross month-to-month assortment for the complete yr is Rs 1.51 lakh crore. The gross revenues in 2022-23 have been 22 per cent greater than that final yr.

Additionally Learn: Govt’s Liabilities Rises 2.6 Per Cent To Rs 150.95 lakh Crore In December Quarter Of FY23

The common month-to-month gross GST assortment for the final quarter of the FY23 has been Rs 1.55 lakh crore in opposition to the typical month-to-month assortment of Rs 1.51 lakh crore, Rs 1.46 lakh crore, and Ra 1.49 lakh crore within the first, second, and third quarters respectively.

“Through the month, revenues from import of products was 8 per cent greater and the revenues from home transaction (together with import of providers) are 14 per cent greater than the revenues from these sources throughout the identical month final yr,” the ministry stated. 

“The return submitting throughout March 2023 has been highest ever. 93.2 per cent of statements of invoices (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) of February have been filed until March 2023 as in comparison with 83.1 per cent and 84.7 per cent, respectively similar month final yr,” it added. 

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