GST revenue increased by 13% in March 2023, to record second highest monthly collections of ₹1.6 lakh crore | Photo credit: AFP
India’s Goods and Services Tax (GST) revenue rose 13% in March, to record the second highest monthly collections of $1.6 million from the indirect tax, revenue from imports of goods increasing by 8% and inflows from domestic transactions and imports of services increasing by 14% from a year ago.
This is the 12th month in a row that GST collections have topped ₹1.4 lakh crore, and March’s tax quantum was eclipsed only in April 2022, when collections stood at ₹1,67,540 crore.
Gross GST collections for 2022-23 are 22% higher than 2021-22 at ₹18.10 lakh crore, reflecting an average gross monthly collection of nearly ₹1.51 lakh crore.
Integrated GST collections reached an all-time high of ₹82,907 crore in March 2023, of which ₹42,503 crore collected on import of goods. Inflows in March largely reflect transactions completed in February.
Indicating an increase in compliance levels, returns filed by taxpayers in March were the highest on record, the finance ministry said. “93.2% of invoice statements (in GSTR-1) and 91.4% of declarations (in GSTR-3B) for February were filed through March 2023 compared to 83.1% and 84.7%, respectively the same month last year,” he said.
The revenue sharing between the Center and the States in the month following the settlement of IGST recoveries is ₹62,954 crore for Central GST and ₹65,501 crore for State GST, said the ministry.
As many as 16 states and the former state of Jammu and Kashmir recorded domestic transaction growth in March above the national average of 14.4%, including Karnataka (18.4%), Uttar Pradesh, Rajasthan, Odisha and Tamil Nadu (about 15%). , Bihar and J&K (29.4%).
Among the other states, the lowest growth rate was recorded in Himachal Pradesh (8.1%) and Gujarat (8.3%). Revenues from Andhra Pradesh increased by 11.3%, Maharashtra (11.8%), Kerala (12.7%) and Telangana (13.25%) and West Bengal (13.9% ) recording higher growth.