₹1,60,122 crore gross GST revenue collected for March 2023

Second highest collection ever, next only to the collection in April 2022

Monthly GST revenues more than ₹1.4 lakh crore for 12 months in a row, with ₹1.6 lakh crore crossed for the 2nd time since inception of GST

GST revenues clock 13% growth Year-on-Year

Total gross collection for 2022-23 stands at ₹18.10 lakh crore; average gross monthly collection for the full year is ₹1.51 lakh crore

Gross revenues in 2022-23 were 22% higher than that last year

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). It is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering second highest collection since implementation of GST. 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.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of March 2023 as compared to March 2022.

State-wise growth of GST Revenues during March 2023^[1]

(₹ crore)

^[1]Does not include GST on import of goods

Gross GST revenue growth signals sustained monthly collections and increased returns compliance this period. Gross GST collections for March 2023 constituted the second-highest monthly gross intake since GST implementation, with major components across CGST, SGST, IGST (including a record IGST collected on imports) and cess. Inter-component IGST settlements were made to Centre and States, yielding specified net revenues for CGST and SGST. Domestic and import receipts grew year-on-year, return filing rates improved markedly, and a state-wise comparison shows varied jurisdictional growth excluding GST on import of goods.