GST revenues grew 13% in March 2023, to file the second highest month-to-month collections of ₹1.6 lakh crore
| Photo Credit: AFP
India’s Goods and Services Tax (GST) revenues grew 13% in March, to file the second highest month-to-month collections of ₹1.6 lakh crore from the oblique tax, with receipts from items imports rising 8% and inflows from home transactions and companies imports rising 14% from a yr in the past.
This is the twelfth month in a row that GST collections have been over ₹1.4 lakh crore, and are March’s tax quantum was solely eclipsed beforehand in April 2022, when collections had been ₹1,67,540 crore.
Gross GST collections for 2022-23 are 22% increased than 2021-22 at ₹18.10 lakh crore, reflecting a mean gross month-to-month assortment of just about ₹1.51 lakh crore.
Integrated GST collections hit a file excessive of ₹82,907 crore in March 2023, together with ₹42,503 crore collected on import of products. March’s collections largely replicate transactions undertaken in the month of February.
Indicating an uptick in compliance ranges, returns filed by taxpayers throughout March has been highest ever, the Finance Ministry stated. “93.2% 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,” it emphasised.
The income share between the Centre and States throughout the month after settling IGST collections is ₹62,954 crore for Central GST and ₹65,501 crore for the State GST, the ministry stated.
As many as 16 States and the erstwhile State of Jammu and Kashmir reported increased progress from home transactions throughout March than the nationwide common of 14.4%, together with Karnataka (18.4%), Uttar Pradesh, Rajasthan, Odisha and Tamil Nadu (round 15%), Bihar and J&Ok (29.4%).
Among the opposite States, the bottom progress price was recorded in Himachal Pradesh (8.1%) and Gujarat (8.3%). Revenues from Andhra Pradesh had been up 11.3%, with Maharashtra (11.8%), Kerala (12.7%) and Telangana (13.25%) and West Bengal (13.9%) recording increased progress.
