 "India's Goods and Services Tax mop-up crossed Rs 18 trillion in FY23")
India’s Goods and Services Tax (GST) collection for FY23 crossed Rs 18 trillion, 22 per cent higher than last year, the finance ministry said on Saturday while releasing the March collection figures.
During March, the government's collection grew 13 per cent to over Rs 1.60 trillion, the second-highest collection ever.
It was for a fourth time in FY23 that the gross GST collection crossed the Rs 1.5-trillion mark.
The average gross monthly collection for the full year stood at Rs 1.51 trillion.
“The average monthly gross GST collection for the last quarter of FY23 has been Rs 1.55 trillion against the average monthly collection of Rs 1.51 trillion, Rs 1.46 trillion and Rs 1.49 trillion in the first, second and third quarters, respectively,” the ministry stated.
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 ministry said.
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 the 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.
During the month, revenue from the import of goods was 8 per cent higher and the revenues from the domestic transaction (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year.
Even the return filing during March 2023 has been the highest ever. 93.2 per cent of statements of invoices (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1 per cent and 84.7 per cent, respectively, in the same month last year.
During March, the government's collection grew 13 per cent to over Rs 1.60 trillion, the second-highest collection ever.
It was for a fourth time in FY23 that the gross GST collection crossed the Rs 1.5-trillion mark.
The average gross monthly collection for the full year stood at Rs 1.51 trillion.
“The average monthly gross GST collection for the last quarter of FY23 has been Rs 1.55 trillion against the average monthly collection of Rs 1.51 trillion, Rs 1.46 trillion and Rs 1.49 trillion in the first, second and third quarters, respectively,” the ministry stated.
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 ministry said.
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 the 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.
During the month, revenue from the import of goods was 8 per cent higher and the revenues from the domestic transaction (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year.
Even the return filing during March 2023 has been the highest ever. 93.2 per cent of statements of invoices (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1 per cent and 84.7 per cent, respectively, in the same month last year.