Gross GST collection has crossed Rs.1.5 lakh crore mark for the fourth time, in the current financial year
The gross GST revenue in March has surged to Rs.1,60,122 crore compared with Rs.1,49,577 crore in February this year.
For the fourth time, in the current financial year, the gross GST collection has crossed the Rs.1.5 lakh crore mark, registering the second-highest collection since the implementation of GST. This month witnessed the highest IGST collection ever.
On Saturday the Finance Ministry said in a statement, “The Gross GST revenue of Rs.1,60,122 crore comprise CGST of Rs.29,546 crore, SGST of Rs.37,314 crore, IGST of Rs.82,907 crore (including Rs.42,503 crore collected on import of goods) and cess of Rs.10,355 crore (including Rs.960 crore collected on import of goods).”
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 March after the IGST settlement is Rs.62,954 crore for CGST and Rs.65,501 crore for the SGST.
Officials said that the revenues for the month of March 2023 are 13 percent higher than the GST revenues in the same month last year. During the month, revenues from the import of goods were 8 percent higher and the revenues from the domestic transaction (including the import of services) are 14 percent higher than the revenues from these sources during the same month last year. The return filing during March 2023 has been the highest ever. 93.2 percent of statements of invoices (in GSTR-1) and 91.4 percent of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1 percent and 84.7 percent, respectively same month last year.
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 percent higher than 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.
[With Inputs from IANS]
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.
- Myanmar authorities seize 100 Kg methamphetamine, 13 kg of ketamine in southern region - April 28, 2024
- Centre permits export of 99,150 tonnes of onion to 6 countries - April 28, 2024
- Delhi Congress chief resigns, cites party’s alliance with AAP - April 28, 2024
Strange are ways of the world, 1.6 lakh crores of GSAT collection and $12 billion increase in Forex reserves during March 23. Not one of the highly educated PMs in the history have been able achieve that. Still Modi bashing is in full swing because the effects of DeMo are obviously being felt now. With 2000 Rs. notes not coming out of ATMs any more ,are we looking at DeMo of 2000 Rs note in the near future? The septic tank of corruption is being emptied and the high grade compost coming out will more than likely make the economy more fertile.