GST collection grows 13% to over Rs 1.60 lakh crore in March, second highest ever

NEW DELHI: India’s goods and services tax (GST) mop-up in March rose 13% year-on-year to Rs 1.60 lakh crore, its second highest ever, the government said on Saturday.
Goods and services tax (GST) collected in February was Rs 1.50 lakh crore.
In 2022/23, total GST collected was Rs 18.10 lakh crore, 22% higher than last year, the finance ministry said in a statement.
“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),” it said.

The ministry said it is for the fourth time in the current financial year that the gross GST collection has crossed the Rs 1.5 lakh crore mark, registering the second highest collection since the implementation of the regime.
Moreover, this month also witnessed the highest IGST collection ever.
Meanwhile, 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, the statement said.

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By jaghit

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