GST collection rises 13% to Rs 1.60 lakh crore on import revenues, local transactions
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This is the second highest monthly mop-up since the rollout of the indirect taxation regime in July 2017, and is only behind the Rs 1.68 lakh crore-collection recorded in April last year. The monthly collection under the Goods and Services Tax (GST) regime jumped 13 percent on-year to Rs 1.60 lakh crore, as per the […]
This is the second highest monthly mop-up since the rollout of the indirect taxation regime in July 2017, and is only behind the Rs 1.68 lakh crore-collection recorded in April last year.
The monthly collection under the Goods and Services Tax (GST) regime jumped 13 percent on-year to Rs 1.60 lakh crore, as per the data shared by the Ministry of Finance on April 1.
This is the second highest monthly mop-up since the rollout of the indirect taxation regime in July 2017, and is only behind the Rs 1.68 lakh crore-collection recorded in April last year.
“During the month (March 2023), revenues from import of goods were 8 percent higher and the revenues from domestic transaction (including import of services) are 14 percent higher than the revenues from these sources during the same month last year,” the official release said.
The finance ministry, while providing a break-up of the March collection, said the gross GST revenue collected 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 total gross collection for the entire FY23 fiscal stands at Rs 18.10 lakh crore, which is 22 percent higher than the previous year. The average gross monthly collection for the full year is Rs 1.51 lakh crore.
This is the fourth time in FY23 that the gross GST collection has crossed the Rs 1.5 lakh crore mark. Last month also witnessed the highest IGST collection ever, the release said.
The ministry also noted that the return filing during March 2023 “has been the highest ever”. A total of 93.2 percent of statement of invoices (in GSTR-1) and 91.4 percent of returns (in GSTR-3B) of February were filed till March, as compared to 83.1 percent and 84.7 percent, respectively a year ago, it said.