GST revenue shoots past Rs 1.6 lakh crore in March, 2nd highest ever

The gross GST revenue collected in the month of March 2023 shot up to Rs 1,60,122 crore which is the second highest collection ever, next only to the collection in April 2022, according to official figures released today.

Monthly GST revenues of more than Rs 1.4 lakh crore have now been collected for 12 months in a row which shows that economic activity in the country has been growing at a robust pace.

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 total gross GST collection for the financial year 2022-23 now stands at Rs 18.10 lakh crore which represents a healthy 22% growth over the corresponding figure for last year.

The average gross monthly GST collection for the full financial year works out Rs 1.51 lakh crore.

The Centre has passed on to the states Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as a 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 return filing during March 2023 has been highest ever as  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 in the same month last year.