India's Goods and Services Tax (GST) collection rose 13 per cent to over  ₹1.60 lakh crore in March, according to a statement by the finance ministry. This happened for the fourth time in the current financial year that the gross GST collection has crossed  ₹1.5 lakh crore, marking the second-highest collection ever.ā

“The gross GST revenue collected in the month of March 2023 is  ₹1,60,122 crore of which CGST is  ₹29,546 crore, SGST is  ₹37,314 crore, IGST is  ₹82,907 crore (including  ₹42,503 crore collected on import of goods) and cess is ₹10,355 crore (including  ₹960 crore collected on import of goods)," the ministry said.

This month witnessed the highest IGST collection ever.

The government has settled  ₹33,408 crore to CGST and  ₹28,187 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of March 2023 after IGST settlement is  ₹62,954 crore for CGST and ₹65,501 crore for the SGST.

The revenues for the month of March 2023 are 13% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 14% higher than the revenues from these sources during the same month last year.

The return filing during March 2023 has been highest ever. 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 total gross collection for 2022-23 stands at  ₹18.10 lakh crore and the average gross monthly collection for the full year is  ₹1.51 lakh crore.

The gross revenues in 2022-23 were 22% higher than that last year. The average monthly gross GST collection for the last quarter of the FY 2022-23 has been  ₹1.55 lakh crore against the average monthly collection of  ₹1.51 lakh crore,  ₹1.46 lakh crore and  ₹1.49 lakh crore in the first, second and third quarters respectively.