GST collection is making record after record, for the second time since the implementation of GST, the collection has reached this high
GST Collection: In the last month of the last financial year, the government earned a total of 1,60,122 crores from GST revenue. This GST collection is the second-highest collection after April-2022.
GST Collection: March 2023 has been very good for the government in terms of the collection of Goods and Services Tax. In the last month of the last financial year, the government earned a total of 1,60,122 crores from GST revenue. This GST collection is the second-highest collection after April-2022. That is, after the implementation of GST, this is the second time that the GST collection has crossed 1.6 lakh crores. The Finance Ministry said in its statement that “Gross GST revenue collection for March 2023 is 1,60,122 crore, of which Central GST is 29,546 crore. State GST is 37,314 crore. Integrated GST is 82,907 (of which imported goods collection is 42,503 crore) and Cess is 10,355 crores.”
GST Collection Figures (GST Collection for March 2023)
Apart from this, the monthly GST revenue is running above 1.4 lakh crore for 12 consecutive months. Year-on-year, compared to last year, this time there has been a growth of 13% in GST revenue. The total gross collection for the financial year 2022-23 is ₹18.10 lakh crore. At the same time, the average gross monthly collection for the whole year is ₹ 1.51 lakh crore. Gross revenue in 2022-23 was 22% more than its previous year. This is the fourth consecutive time in this financial year that the gross GST collection has crossed Rs 1.4 lakh crore. At the same time, this is the second time after the implementation of GST. Along with this, the IGST collection has also been the highest this month.
How much was the GST collection in February?
Earlier in February, GST collection had increased by 12 percent to Rs 1.49 lakh crore on the basis of an increase in domestic economic activities and consumer spending. However, there was a decline in GST revenue in February as compared to January. In January 2023, a tax collection of Rs 1.57 lakh crore was done. The collection of Rs 1.68 lakh crore in April 2022 is the lifetime high so far.
