GST Revenue Collection of Rs.160122 crore in March 2023; Second Highest Collection Ever Since GST implementation

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).

GST collection has exceeded the Rs.1.5 lakh crore mark for the fourth time in the current financial year, making it the second highest collection since the introduction of GST. This month witnessed the greatest IGST accumulation in history.

The government has settled Rs.33,408 crore to CGST and Rs.28,187 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of March 2023 after IGST settlement is Rs.62,954 crore for CGST and Rs.65,501 crore for the SGST.

The revenues for the month of March 2023 are 13% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 14% 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% 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 total gross collection for 2022-23 stands at Rs.18.10 lakh crore and the average gross monthly collection for the full year is Rs.1.51 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year. The average monthly gross GST collection for the last quarter of the FY 2022-23 has been Rs.1.55 lakh crore against the average monthly collection of Rs.1.51 lakh crore, Rs.1.46 lakh crore and Rs.1.49 lakh crore in the first, second and third quarters respectively.

State-wise growth of GST Revenues during March 2023