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GST revenue collection: Goods and Services Tax i.e. GST Collection in the country has filled the government’s pocket. GST collection in March 2023 has been very good. The country’s GST collection in March 2023 has been Rs 1,60,122 crore. This is the second biggest collection in the history of GST till date. In terms of Goods and Services Tax collection, the last month of the last financial year has been great.
Second biggest GST collection ever
This is the second highest ever revenue collection in the history of GST in the country and has proved to be the second highest GST collection since April 2022. The special thing in the GST collection of March 2023 is that it has remained above Rs 1.4 lakh crore for 14 consecutive months. On the other hand, since GST has been implemented in the country, this is the second time when the GST collection has been more than Rs 1.6 lakh crore. On year-on-year basis, an increase of 13 per cent has been recorded in GST revenue.
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How was GST collection in the year 2022-23
Talking about the entire financial year 2022-23, there has been a total Goods and Services Tax collection of Rs 18.10 lakh crore. Based on this, the figure of monthly GST collection comes to an average of Rs 1.51 lakh crore. The gross revenue of GST in the financial year 2022-23 has been 22 percent more than in the previous financial year.
See from where you got how much tax
Gross GST revenue in March stood at Rs 1,60,122 crore and out of this, the contribution of CGST was Rs 29,546 crore. The SGST figure stood at Rs 37,314 crore and the contribution of IGST was Rs 82,907 crore, of which (collection of Rs 42,503 crore came from import of goods). And the cess in this has been Rs 10,355 crore (of which Rs 960 crore has come from the import of goods).
what is special this time
This has been the fourth time for the last financial year when the gross GST collection has crossed the revenue collection figure of Rs 1.5 lakh crore. This is the second highest GST collection since the implementation of GST. The month of March has seen the highest ever IGST collection.
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