GST mop-up tops Rs 1.60 lakh crore in March
New Delhi, Apr 1 :Driven by growing economic activities and higher compliance, India’s goods and services tax (GST) collection recorded 13 per cent year-on-year jump to Rs 1.60 lakh crore in March, 2023.
As per the figures released by Finance Ministry on Saturday, the GST mop-up in March is the second highest collection ever in a month, next only to the collection in April, 2022.
“The gross GST revenue collected 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 (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),” said Finance Ministry in a statement.
During the month, revenue from import of goods was 8 per cent higher and the revenues from domestic transactions (including import of services) were 14 per cent higher than the revenues from these sources during the same month last year.
“The return filing during March 2023 has been highest ever. 93.2 per cent 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 same month last year,” the Ministry said.
According to the official data, total GST collection for 2022-23 stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year was Rs 1.51 lakh crore.
The gross GST revenues in 2022-23 were 22 per cent higher than that last year.