GST collection in March increased by 13 percent to Rs 1.60 lakh crore
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Last month, more than 91 per cent businesses registered with GST filed returns and paid taxes. The ministry said in a statement that the total GST collection in March 2023 has been Rs 1,60,122 crore.
Goods and Services Tax (GST) collections grew by 13 per cent year-on-year to Rs 1.60 lakh crore in March, the second highest ever. With this, the annual tax increase in the financial year 2022-23 was 22 percent. Releasing the GST collection figures for March 2023 on Saturday, the Finance Ministry said that the highest ever GST returns were also submitted in this month. Last month, more than 91 per cent businesses registered with GST filed returns and paid taxes. The ministry said in a statement that the total GST collection in March 2023 has been Rs 1,60,122 crore.
Of this, the Central GST (CGST) collection is Rs 29,546 crore while the State GST (SGST) collection is Rs 37,314 crore. At the same time, Rs 82,907 crore has been collected under the head of Integrated GST (IGST). Along with this, a cess of Rs 10,355 crore is also included. Prior to this, the GST collection in February was Rs 1.49 lakh crore while in January tax collection was Rs 1.57 lakh crore. The highest collection of GST was in April 2022 at Rs 1.68 lakh crore. The total collection of GST during the financial year 2022-23 has been Rs 18.10 lakh crore, which is 22 percent more than the financial year 2021-22.
The average monthly collection of GST in the ended financial year has been Rs 1.51 lakh crore. Monthly tax collection has been more than Rs 1.50 lakh crore four times in this financial year. The finance ministry said 93.2 per cent GSTR-1 forms were submitted for February in March while 91.4 per cent GSTR-3B forms were filed. This is the highest ever level of return filing. KPMG India Partner (Indirect Taxes) Abhishek Jain said the monthly and annual GST collection figures reflect the growing size of the Indian economy. Mahesh Jaisingh, Partner and Head of Indirect Taxes, Deloitte India, said the trend is only expected to increase in the coming months, driven by a pick-up in economic activity and increased audits based on analytical data.
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