March 2023 GST Revenue Collection Crosses 1.60 Lakh Crores

The finance ministry released a statement saying, the GST collection spiked by 13 per cent in March 2023 reaching the second-highest peak of Rs 1.60 lakh crore. GST collections touched and crossed the magical number of 1.5 lakh crores four times in the current financial year.

According to the government, “the overall GST income received in March 2023 is 1,60,122 crore, of which CGST is 29,546 crore, IGST is 82,907 crore (including 42,503 crores collected on import of goods), SGST is 37,314 crore, and cess is 10,355 crore (including 960 crores collected on import of goods).

Another important point to take into account is that this month’s IGST collection is recorded highest to date. The government has made regular settlements of 33,408 crores to CGST and 28,187 crores to SGST from IGST. After the IGST settlement, the total income for the Centre and the States in March 2023 is $62,954 crore for CGST and $65,501 crore for 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 domestic transactions, which includes the import of services, was 14% higher during the month while the income from imported commodities was 8% higher.

The government of India has announced that in march their tax return filing has been the highest ever recorded. This means that more people have filed their tax returns. If we look at statistics From February – March 2023 total of 93.2% of statements of GST invoices are filed and 91.4% of returns are filed (in GSTR-1 and GSTR-3B). When compared to last year. only 83.1% of invoices and 84.7% of returns were filed. There has been a significant improvement.

Also, the Total Gross collection for 2022-23 stands at ₹18.10 lakh crore. It is a very large amount. The gross receipts for 2022–2023 were 22% higher. In comparison to the average monthly collections of 1.51 lakh crore, 1.46 lakh crore, and 1.49 lakh crore in the first, second, and third quarters, respectively, the gross monthly GST collection for the final quarter of the FY 2022–23 was 1.55 lakh crore. These figures suggest economic activity in India is increasing. more people are willing to fulfil their tax obligations.