The total gross collection for FY23 was Rs 18.10 lakh crore, an average Rs 1.51 lakh a month and up 22% from FY22, data released on Saturday showed. “Monthly GST collections for the month of March being the second highest of all time, coupled with 22% higher GST collections for FY22-23 over last year point towards the growing trajectory of the Indian economy,” said Abhishek Jain, partner, indirect tax, KPMG in India. GST collections hit a record Rs 1.68 lakh crore in April last year.
The Centre’s share in the FY23 GST kitty was Rs 8.42 lakh crore, higher than the budget estimate of Rs 7.80 lakh crore but lower than the revised estimate of Rs 8.54 lakh crore. In the current FY24 fiscal year, the Centre expects to mop up Rs 9.56 lakh crore as its GST share, a 12% rise over the FY23 collection.
The Indian economy is projected to grow about 6% in FY24, down from about 7% estimated for the just concluded FY23, as it contends with challenges such as high interest rates, inflation and a global slowdown.
The March GST data suggest economic resilience and experts say they expect the strong collection trend to continue.
“With the growth in economic activity and increased focus on GST analytics-based audits, the trend should see upward trajectory in the coming months,” said Mahesh Jaising, partner, leader, indirect tax, Deloitte India.
Returns filed in March were the highest ever, the government said in a statement. Most of the states registered healthy double-digit growth in GST collections.
The Rs 1.6 lakh crore March collection was split into central GST (Rs 29,546 crore), state GST (Rs 37,314 crore), and record integrated GST (Rs 82,907 crore), including Rs 42,503 crore collected on import of goods. The cess collected was Rs 10,355 crore, including Rs 960 crore on the import of goods.