Good news for the country's economy, GST collection increased by 13% in March

The country's GST collection has increased by 13 percent in March to more than Rs 1.60 lakh crore. The Finance Ministry has informed that it has been Rs 1,60,122 crore.

The country's GST collection has increased by 13 percent in March to more than Rs 1.60 lakh crore. The Finance Ministry has informed that it has been Rs 1,60,122 crore, which is the second highest collection since the implementation of GST in July 2017. This is great news for the economy. The government said in a statement that the total GST collection in March includes CGST of Rs 29,546 crore, SGST of Rs 37,314 crore and IGST of a record Rs 82,907 crore (which also includes Rs 42,503 crore collected from imports on goods). It also includes cess of Rs 10,355 crore, in which Rs 960 crore was received from the import of goods.

1.5 lakh crore for the fourth time in the last financial year

The total GST collection has been more than Rs 1.5 lakh crore for any month for the fourth time in the last financial year. The last financial year ended on Friday itself.

At the same time, the returns filed in March have also reached a record high. For the month of February, 93.2 per cent of the invoice statements in GSTR-1 and 91.4 per cent of the returns in GSTR-3B were filed till March 2023. Due to this, in the same month last year, this figure was 83.1 percent and 84.7 percent respectively.

In the last financial year, the total GST collection increased by 22 percent on an annual basis to reach Rs 18.10 lakh crore. Whereas, the total average monthly collection for the whole year stood at Rs 1.51 lakh crore.

What do the figures say?

The total average GST collection for the last quarter of FY 2023 stood at Rs 1.55 lakh crore. It was Rs 1.51 lakh crore in the first quarter, Rs 1.49 lakh crore in the second quarter and Rs 1.49 lakh crore in the third quarter.

In March, the government settled Rs 33,408 crore in CGST, Rs 28,187 crore in SGST as regular settlement from IGST. At the same time, after the IGST settlement, the total revenue of the central and state governments in March was Rs 62,954 crore for CGST and Rs 65,501 crore for SGST.

During the month, revenue from import of goods was up by 8 per cent, revenue from domestic transactions was up by 14 per cent as compared to a year ago.