This is the fourth time that total GST revenue has crossed the Rs 15 trillion mark in the current financial year, making it the second highest since the implementation of GST
Published Date – Sunday 2 April 23 at 09:00 AM
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New Delhi: Total GST revenue rose to Rs 16 trillion in March compared to Rs 14 trillion in February this year. “Total GST revenue of Rs. 1601.22 crore includes CGST of Rs. 295.46 crore, SGST of Rs. 373.14 crore, IGST of Rs. 829.07 crore including Rs. 425.03 crore imposed on imported goods and duty of Rs. crore), the finance ministry said in a statement on Saturday.
This is the fourth time that total GST revenue has crossed the Rs 15 trillion mark in the current financial year, marking the second highest level since the implementation of the GST. This month has witnessed the highest IGST collection ever. As a regular settlement, the government has paid Rs 33408 crore from IGST to CGST and Rs 28187 crore to SGST. The aggregate revenue of the Central and States after IGST settlement in March was Rs 62,954 crore in CGST and Rs 65,501 crore in SGST.
The revenue for March 2023 was 13% higher than the GST revenue for the same month last year, officials said. During the month, receipts from imports of goods rose 8 percent, and receipts from domestic transactions (including imports of services) rose 14 percent from those sources in the same month last year. March 2023 returns hit an all-time high. 93.2% of invoice statements (in GSTR-1) and 91.4% of return orders (in GSTR-3B) for February have been submitted until March 2023, compared to 83.1% and 84.7% respectively in the same month last year.
Gross revenue for 2022-23 is Rs 18.1 lakh with an average monthly gross revenue of Rs 1.51 lakh for the full year. Total revenue for 2022-23 is 22% higher than last year. The average monthly total GST receipts for the last quarter of 2022-23 is Rs 1.55 trillion, compared to the average monthly revenues of Rs 1.51 trillion, Rs 1.46 trillion and Rs 1.49 trillion for the first, second and third quarters Rs. respectively.
