GST collection crosses ₹1.60 lakh crore in March, increases by 13%
Goods and Services Tax (GST) collection grew by 13 per cent in March 2023 to Rs 1.60 lakh crore. This is the fourth time in the current financial year that the gross GST collection has crossed ₹1.50 lakh crore. This is the second biggest collection till date. It was said by the Ministry of Finance – Gross GST revenue in 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.
Monthly GST collections exceed ₹1.40 lakh crore for 12 consecutive months. At the same time, since the implementation of GST, it has crossed ₹ 1.60 lakh crore for the second time. The total gross collection during FY 2022-23 is ₹18.10 lakh crore and the average gross monthly collection for the whole year is ₹1.51 lakh crore. Talking about gross revenue, it was 22% more than the previous year.
The return filing during March 2023 is the highest ever. 93.2% of February statements (in GSTR-1) and 91.4% of returns (in GSTR-3B) were filed by March 2023, compared to 83.1% and 84.7% respectively in the same month last year.
