GST Collections of March 2023

GST collection for March 2023 is Rs.1,60,122 crore, rising from Rs.1,49,577 crore last month. It is the second-highest monthly collection after April 2022. Also, March 2023 also recorded the highest GST returns ever filed. 

The GST collections for February 2023 had dropped compared to January 2023, which clocked a collection of Rs.1,55,922 crore. Further, it has grown by 13% Year-on-Year (YoY) basis. Moreover, the monthly collections have crossed Rs.1.6 lakh crore for the 2nd time since the inception of GST.

Break up of GST Collections for March 2023

The GST collections included Rs.29,546 crore collected towards CGST, Rs.37,314 crore towards SGST, and Rs.82,907 crore towards IGST. IGST includes Rs.42,503 crore worth of GST on goods imported. 

The latest PIB report also states that the cess collections amounted to Rs.10,355 crore, including Rs.960 crore accumulated by importing goods.

The government report highlights that the Centre made a settlement of Rs.33,408 crore and Rs.28,187 crore in March 2023 towards CGST and SGST, respectively, out of the IGST collections received. 

The revenue of the Centre and states after the regular settlements in March 2023 works out to Rs.62,954 crore for Central GST and Rs.65,501 crore for State GST.

Analysis of the GST Collection for March 2023

March 2023 is now known for its second-highest monthly GST collections since the inception of GST. The GST Network has observed by a Y-o-Y comparison that March 2023 clocked higher return filing numbers. 

93.2% GSTR-1s and 91.4% GSTR-3Bs of February 2023 were filed till March 2023. March 2022 saw 83.1% and 84.7%, much lower when compared to this month.

During March 2023, revenues from the import of goods were 8% more. Also, the revenues from domestic transactions (that includes service import) was 14% Y-o-Y basis.

The GST revenues for March 2023 are 13% higher than the monthly GST collections of March 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for March 2022 was Rs. 1,42,095 crore. The below chart shows a YoY comparison of monthly GST collection in India.

The cumulative gross GST collections for FY 2022-23 are Rs.18.10 lakh crores, 22% higher than last year. The average gross monthly GST collections across the financial year amount to Rs.1.51 lakh crore. One can expect much higher collections in the next month because it is year-end.

Image credit- PIB

GST Collection for March 2023 State-wise

GST collection in Mizoram recorded the highest Y-o-Y rise of 91.16%. It was followed by ‘Other territory’ at 66.48%. Andaman and Nicobar Islands,  Arunachal Pradesh, Nagaland, and Goa followed suit.

Just like in previous months, Maharashtra posted the highest GST collection for March 2023 in absolute terms at Rs.22,695 crore. States like Karnataka, Gujarat, Tamil Nadu, Haryana and Uttar Pradesh have also shown exceptional numbers.

On the other hand, Ladakh and Centre jurisdiction posted a degrowth in March 2023. 

The GST Collections March 2023 was reported by the Finance Ministry in a press release on the PIB on 1st April 2023.

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GST Collection February 2023
GST Collection January 2023
GST Collection December 2022