GST collection rises 13 % to 1.60 lakh crore on import revenue, local transactions

India’s gross collection from Goods and Services Tax rose 13% from a year earlier to Rs 1,60,122 crore, registering second highest collection since implementation of GST in July 2017. The gross GST collection in March included CGST of Rs 29,546 crore, SGST of Rs 37,314 crore and record IGST of Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess of ₹10,355 crore (including ₹960 crore collected on import of goods), the government said in a statement. Gross GST collections crossed Rs 1.5 lakh crore mark for a month for the fourth time in the last financial year that ended yesterday. Returns filed in March also surged to a record high. 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, the statement added. Gross GST collection in the last fiscal year rose 22% on year to Rs 18.10 lakh crore and the average gross monthly collection for the full year was Rs 1.51 lakh crore. The average monthly gross GST collection for the last quarter of FY2023 was Rs 1.55 lakh crore against the average monthly collection of Rs 1.51 lakh crore, Rs 1.46 lakh crore and Rs 1.49 lakh crore in the first, second and third quarters respectively. In March, New Delhi settled Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as regular settlement. The total revenue of the central and state governments in March after IGST settlement was Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST. During the month, revenues from import of goods were 8% higher and the revenues from domestic transaction (including import of services) were 14% higher on year.9