Mumbai: The revenue from Goods and Services Tax (GST) in March surged 13% year-on-year to Rs 1.60 lakh crore. This collection is second highest ever. The return filing in March was the highest ever.
‘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),’ the finance ministry said in a statement day.
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GST collection is crossing the Rs 1.5 lakh crore mark for the fourth time in the current financial year . This month witnessed the highest IGST collection ever.
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 March 2023 after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST.
The total gross collection for 2022-23 stood 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 per cent higher than that last year.
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