GST collection March 2023: Recording a progress, the gross GST income in March month rose to Rs 1,60,122 crore as in contrast with Rs 1,49,577 crore throughout February this 12 months.
“The Gross GST revenue of Rs 1,60,122 crore comprise CGST of Rs 29,546 crore, SGST of Rs 37,314 crore, IGST of Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess of Rs 10,355 crore (including Rs 960 crore collected on import of goods),” the finance ministry stated in a press release on Saturday (April 1).
It is for the fourth time, in the present monetary 12 months, that the gross GST collection has crossed Rs 1.5 lakh crore mark, registering second highest collection since implementation of GST. This month witnessed the best IGST collection ever.
The authorities has settled Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as common settlement. The whole income of Centre and the states in March after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST.
Revenue of March month:
Officials stated that the revenues for the month of March 2023 are 13 per cent larger than the GST revenues in the identical month final 12 months. During the month, revenues from import of products was 8 per cent larger and the revenues from home transaction (together with import of providers) are 14 per cent larger than the revenues from these sources throughout the identical month final 12 months.
The return submitting throughout March 2023 has been highest ever. 93.2 per cent of assertion of invoices (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) of February had been filed until March 2023 as in contrast to 83.1 per cent and 84.7 per cent, respectively identical month final 12 months.
The whole gross collection for 2022-23 stands at Rs 18.10 lakh crore and the typical gross month-to-month collection for the complete 12 months is Rs 1.51 lakh crore. The gross revenues in 2022-23 had been 22 per cent larger than final 12 months.
The common month-to-month gross GST collection for the final quarter of the FY 2022-23 has been Rs 1.55 lakh crore towards the typical month-to-month collection of Rs 1.51 lakh crore, Rs 1.46 lakh crore and Rs 1.49 lakh crore in the primary, second and third quarters respectively.
(With businesses inputs)
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