India’s GST Collection for March 2023
India’s Gross Goods and Services Tax (GST) collection for March 2023 witnessed a significant increase, reflecting the country’s strong financial performance despite global uncertainties.
Key Highlights:
- The government amassed ₹1.60 trillion in GST last year.
- The GST collection for March 2023 reached ₹1.78 trillion, marking an 11.5% year-on-year increase.
- This collection is the second-highest since the inception of the GST regime in 2017.
- In April 2023, the GST collection peaked at ₹1.87 trillion.
Financial Year 2023-24 Overview:
The average monthly GST revenue for the financial year 2023-24 stood at ₹1.68 trillion, a significant rise from the previous financial year’s ₹1.5 trillion.
The cumulative gross GST collection for FY2023-24 amounted to about ₹20.1 trillion, indicating a 12% increase compared to the previous financial year.
Expert Insights:
Abhishek Jain, an associate at KPMG, attributed the rise in tax revenue to India’s strong economic growth. He noted that the economy expanded by 8.4% year over year in the October–December quarter, surpassing the 7.6% growth observed in the corresponding quarter.
Future Projections:
India’s Finance Minister, Nirmala Sitharaman, stated that the country’s economy is expected to grow at the same annual rate for FY2023-24 and is on track to achieve 8% growth or more in the quarter ending on March 31.
