March GST Revenue rises to Rs.1.60 lakh crore


New Delhi : India’s gross GST rose by 13% to Rs. 1,60,122 crore in March 2023, as against Rs.1.42 lakh crore in March 2022, data released by the finance ministry said.

Out of Rs. 1.60 lah crore, CGST is Rs. 29,546 crore, SGST is Rs. 37,314 crore, IGST is Rs. 82,907 crore (including Rs. 42,503 crore collected on import of goods) and cess is ₹10,355 crore (including Rs. 960 crore collected on import of goods). It is for the fourth time, in the current financial year that the gross GST collection has crossed Rs. 1.5 lakh crore mark registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever.

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 Centre and the States in the month of March 2023 after IGST settlement is Rs. 62,954 crore for CGST and Rs. 65,501 crore for the SGST.

The total gross collection for 2022-23 stands at Rs. 18.10 lakh crore and the average gross monthly collection for the full year is Rs. 1.51 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year. The average monthly gross GST collection for the last quarter of the FY 2022-23 has been Rs. 1.55 lakh crore against the average monthly collection of Rs. 1.51 lakh crore, ₹1.46 lakh crore and Rs. 1.49 lakh crore in the first, second and third quarters respectively.

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