India’s gross Goods and Services Tax collection for the month of March 2023 grew 13 per cent year-on-year at ₹1,60,122 crore, from the GST revenues in the same month last year. This is the fourth time in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark, registering second highest collection since implementation of GST, according to finance ministry data.
Of the ₹1,60,122 crore, Central GST is ₹29,546 crore, State GST is ₹37,314 crore, and IGST (Integrated Goods and Services Tax) levied on all interstate supplies of goods and/or services or across two or more states/Union Territories is ₹ 82,907 crore (including ₹42,503 crore collected on import of goods) and cess of ₹10,355 crore (including ₹960 crore collected on import of goods).
The total gross collection for 2022-23 stands at ₹18.10 lakh crore and the average gross monthly collection for the full year is ₹1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher than that last year. The average monthly gross GST collection for the last quarter of the FY 2022-23 has been ₹1.55 lakh crore against the average monthly collection of ₹1.51 lakh crore, ₹1.46 lakh crore and ₹1.49 lakh crore in the first, second and third quarters respectively.
A recent Crisil Market Intelligence report says “improved compliance led by streamlining of GST contributed to increase in tax buoyancy of GST,” and expects the economy to continue seeing efficiency gains from reforms such as GST. It suggests “standardisation and rationalisation of taxes could further aid the ease of doing business in the country”.
The government has settled ₹33,408 crore to CGST and ₹28,187 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of March 2023 after IGST settlement stands at ₹62,954 crore for CGST and ₹65,501 crore for the SGST.
During the month, revenues from import of goods was 8 per cent higher and the revenues from domestic transaction (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. The return filing during March 2023 has been highest ever with 93.2 per cent of statement of invoices (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) of February filed till March 2023 as compared to 83.1 per cent and 84.7 per cent, respectively same month last year.