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India’s Goods and Services Tax (GST) tax collection for the financial year 2022-23 has crossed Rs 18 trillion, which is a significant 22% increase from the previous year. T
he Ministry of Finance released the March collection figures on Saturday, indicating that the government collection grew by 13% to over Rs 1.60 trillion in the same month, making it the second-highest collection ever. This is the fourth time in FY23 that the gross GST collection has crossed the Rs 1.5 trillion mark.
The average monthly gross collection for the entire financial year stood at Rs 1.51 trillion. As per the finance ministry’s statement, “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 government collected a gross GST revenue of Rs 1,60,122 crore in March 2023, of which CGST was Rs 29,546 crore, SGST was Rs 37,314 crore, IGST was Rs 82,907 crore (including Rs 42,503 crore collected on the import of goods), and cess was Rs 10,355 crore (including Rs 960 crore collected on import of goods).
This month, India witnessed the highest-ever IGST collection, which is a combination of Central GST and State GST. The government settled Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as a regular settlement.
The total revenue of the Centre and the States in March 2023 after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for SGST.
During March, the revenue from the import of goods was 8% higher than the previous year, and the revenues from domestic transactions, including the import of services, were 14% higher than those from the same month last year.
The return filing during March 2023 has been the highest ever. According to the Ministry of Finance, 93.2% of statements of invoices (in GSTR-1) and 91.4% of returns (in GSTR-3B) of February were filed till March 2023 compared to 83.1% and 84.7%, respectively, in the same month last year.
Overall, the GST tax collection for FY23 has been impressive, and the government expects the trend to continue in the coming years.
The government has taken several measures to simplify the tax structure and increase compliance, which has contributed to this growth. The increased collection will provide a boost to the Indian economy and help the government meet its revenue targets.