Monday, May 27, 2024

GST revenues grow 13% in March; gross collections for 2022-23 up by 22%

GST revenues grew 13% in March 2023, to record the second highest monthly collections of ₹1.6 lakh crore

GST revenues grew 13% in March 2023, to record the second highest monthly collections of ₹1.6 lakh crore
| Photo Credit: AFP

India’s Goods and Services Tax (GST) revenues grew 13% in March, to record the second highest monthly collections of ₹1.6 lakh crore from the indirect tax, with receipts from goods imports rising 8% and inflows from domestic transactions and services imports rising 14% from a year ago.

This is the 12th month in a row that GST collections have been over ₹1.4 lakh crore, and are March’s tax quantum was only eclipsed previously in April 2022, when collections were ₹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 almost ₹1.51 lakh crore.

Integrated GST collections hit a record high of ₹82,907 crore in March 2023, including ₹42,503 crore collected on import of goods. March’s collections largely reflect transactions undertaken in the month of February.

Indicating an uptick in compliance levels, returns filed by taxpayers during March has been highest ever, the Finance Ministry said. “93.2% of statement of invoices (in GSTR-1) and 91.4% of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1% and 84.7%, respectively same month last year,” it emphasised.

The revenue share between the Centre and States during the month after settling IGST collections is ₹62,954 crore for Central GST and ₹65,501 crore for the State GST, the ministry said.

As many as 16 States and the erstwhile State of Jammu and Kashmir reported higher growth from domestic transactions during March than the national average of 14.4%, including Karnataka (18.4%), Uttar Pradesh, Rajasthan, Odisha and Tamil Nadu (around 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 were up 11.3%, with Maharashtra (11.8%), Kerala (12.7%) and Telangana (13.25%) and West Bengal (13.9%) recording higher growth.

#GST #revenues #grow #March #gross #collections

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest Articles