March GST collection crosses ₹1.6 trillion

New Delhi: Central and state governments collected more than 1.6 trillion in Goods and Services Tax (GST) revenue in March, second only to the record collection of 1.67 trillion reported in April 2022, according to an official statement from the finance ministry.

Monthly GST revenue of the Centre and states has remained above 1.4 lakh crore for 12 months in a row now. Figures for March show that GST revenue has crossed the 1.6 trillion mark for the second time since the inception of GST.

It is for the fourth time in FY23 that gross GST collection has crossed 1.5 trillion mark. March figures also show the highest integrated GST (IGST) collection ever.

After settlement of revenue from interstate sales, the total revenue of the Centre and the states in the month of March 2023 stands at 62,954 crore and 65,501 crore respectively.

Healthy GST collection implies a strong consumption trend but it may also be influenced by high prices.

GST revenue for March 2023 shows a 13% improvement over the GST revenue receipt for the same month a year ago. During the month, revenue from import of goods was 8% higher and revenue from domestic transaction (including import of services) was 14% higher than the revenues from these sources during the same month last year, the ministry said.

GST return filing in March has been the highest ever. The total gross collection for 2022-23 stands at 18.10 trillion and the average gross monthly collection for the full year is 1.51 trillion. The gross GST revenue receipt in 2022-23 is 22% higher than that of the previous year, the ministry said. 

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