March 2023 additionally witnessed the very best IGST assortment ever.
It is for the fourth time within the present monetary 12 months that the gross GST assortment has crossed the Rs 1.5 lakh crore mark.
GST collections in March 2023 rose 13 p.c year-on-year to Rs 1.60 lakh crore, in line with the newest information from the finance ministry. The return submitting in March was the very best ever, and the collections had been second highest ever.
“The gross GST income collected within 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 (together with Rs 42,503 crore collected on import of products) and cess is Rs 10,355 crore (together with Rs 960 crore collected on import of products),” the finance ministry said in a statement on Saturday.
It 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 assortment for the reason that implementation of GST”. This month witnessed the highest IGST collection ever.
Abhishek Jain, partner (indirect tax) at KPMG in India, said, “Monthly GST assortment for the month of March being the second highest of all time, coupled with 22 per cent larger GST collections for FY 22-23 over final 12 months level in the direction of the rising trajectory of the Indian financial system. Another cheer level is the very best ever compliance fee with 91.4 per cent of returns being filed within the month of March, indicating success of income authorities and companies in guaranteeing tax compliance and stopping tax evasion.”
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 Center and the States in March 2023 after IGST settlement is Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST.
“The revenues for the month of March 2023 are 13 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 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 ministry mentioned.
The return submitting throughout March 2023 has been highest ever. About 93.2 per cent of assertion of invoices (in GSTR-1) and 91.4 per cent of returns (in GSTR-3B) of February had been filed until March 2023 as in comparison with 83.1 per cent and 84.7 per cent, respectively, identical month final 12 months .
The complete gross assortment for 2022-23 stood at Rs 18.10 lakh crore and the typical gross month-to-month assortment for the total 12 months is Rs 1.51 lakh crore. The gross revenues in 2022-23 had been 22 per cent larger than that final 12 months. The common month-to-month gross GST assortment for the final quarter of the FY 2022-23 has been Rs 1.55 lakh crore towards the typical month-to-month assortment of Rs 1.51 lakh crore, Rs 1.46 lakh crore and Rs 1.49 lakh crore within the first, second and third quarters. respectively.
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