New Delhi: Gross Goods and Services Tax (GST) collections rose 12.7 per cent year-on-year to Rs 1,60,122 crore for March (for sales in February), the second highest level since the rollout of the indirect tax regime in July 2017, according to data released by the Finance Ministry on Saturday. The number of returns filed during March were at the highest level since the rollout of the indirect tax regime, showing an improved compliance rate and also indicating the impact of anti-evasion measures being taken by tax authorities.
It is for the fourth time in 2022-23 that the gross GST collection crossed Rs 1.5 lakh crore mark. With this latest print, the monthly GST revenues averaged at Rs 1.51 lakh crore mark in the financial year 2022-23. In total, the gross GST revenues for FY23 were recorded at Rs 18 lakh crore, with a year-on-year growth of 21.9 per cent.
“The return filing during March 2023 has been the highest ever. 93.2 per cent of the statement of invoices in GSTR-1 (sales return) and 91.4 per cent of returns in GSTR-3B (monthly summary return including all sales, purchases) of February were filed till March 2023 as compared to 83.1 per cent and 84.7 per cent, respectively, same month last year,” a Finance Ministry release said.
Out of the March GST revenue of 1,60,122 crore, Central GST — the tax levied on intra-state supplies of goods and services by the Centre — was Rs 29,546 crore, State GST — the tax levied on intra-state supplies of goods and services by the states — was Rs 37,314 crore. Integrated GST — the tax levied on all inter-state supplies of goods and services — was Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess was Rs 10,355 crore.
During the month, revenue from import of goods was 8 per cent higher and revenue from domestic transactions (including import of services) was 14 per cent higher than the revenue from these sources during the same month last year. At least 22 states/ UTs recorded a higher than 13 per cent growth in GST collections in their regions. Only Ladakh and Centre’s jurisdiction recorded a decline in their GST collections, as per the release.
Experts said the rise in GST collections indicate pickup in economic activity and anti-evasion measures. Abhishek Jain, Partner, Indirect Tax at KPMG in India, said, “Monthly GST collection for the month of March being the second highest of all time, coupled with 22% higher GST collections for FY 22-23 over last year point towards the growing trajectory of the Indian economy. Another cheer point is the highest ever compliance rate with 91.4% of returns being filed in the month of March, indicating success of revenue authorities and businesses in ensuring tax compliance and preventing tax evasion.”
Agencies