March sees second highest GST collection of Rs. 1.6 lakh crore

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March sees second highest GST collection of Rs. 1.6 lakh crore

March sees second highest GST collection of Rs. 1.6 lakh crore: According to a statement by the Finance Minister, The India’s Goods and Services Tax (GST) witnessed a revenue hike of 13% in March making the record second highest GST collection of Rs. 1.60,122 Lakh Crore next only to the collection in April 2022 (which was Rs. 1.67 Lakh Crores). The revenues were 13% higher than in March 2022. It is for the fourth time, in the current financial year that the gross GST collection has crossed Rs.1.5 lakh crore since implementation of GST.

Table of Contents
1 March sees second highest GST collection of Rs. 1.6 lakh crore: Key Points
2 Additional Information for Exams

Latest Current Affairs 2023: Weekly, Monthly Current Affairs (PDF)

March sees second highest GST collection of Rs. 1.6 lakh crore: Key Points

  • The Gross GST revenue collected in March 2023 is Rs.1,60,122 crore of which CGST (Central GST) is Rs.29,546 crore, SGST (state GST) is Rs.37,314 crore , IGST (Integrated GST) is Rs.82,907 crore (that includes Rs.42,503 crore collected on import of goods) and cess is Rs.10,355 crore. 
  • The Ministry of Finance  said that in the Month of March 2023 the Integrated GST sees a highest ever revenue collection of Rs. 82,907 crore Indicating an uptick in compliance levels, returns filed by taxpayers.
  • Gross GST collections for 2022-23 are 22% higher than in 2021-22 at Rs.18.1 lakh crore, indicating an average gross monthly collection of almost Rs.1.51 lakh crore.
  •  During this month, revenues collected from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 14% higher from the previous month.
  • The total gross collection for 2022-23 stands at Rs.18.10 lakh crore and the average gross monthly collection for the full year is Rs.1.51 lakh crore. March sees second highest GST collection of Rs. 1.6 lakh crore.

GST collections in previous months

For September 2022  –  Rs. 1.47 Lakh Crores

For October 2022  – Rs. 1.51 Lakh Crores

For November 2022  – Rs. 1.45 Lakh Crores

For December 2022  – Rs. 1.49 Lakh Crores

For January 2023  – Rs. 1.56 Lakh Crores

 For February 2023  – 1.49 Lakh Crores

Additional Information for Exams

  • Gross and Services Tax (GST) is a type of Indirect Tax that came into effect on 1st July 2017.
  • GST can be classified in 4 types: 1) State GST (SGST) 2) Central GST (CGST) 3) Integrated GST (IGST) and 4) Union Territory GST (UTGST).
  • Article 279 A of the Indian Constitution give powers to the President of India to constitute the GST Council within 60 days of the commencement of Article.
  • The 101st Amendment Act 2016 allows both the Centres and States to levied taxes  all substituted by the GST, making it a single indirect tax.

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