GST Collection in March 2023 2nd Highest Since Implementation

In March 2023, India witnessed the second-highest Goods and Services Tax (GST) collection since its implementation in 2017.

The total GST revenue collected in March 2023 was Rs. 1.41 lakh crore. This accounts a fifteen percent increase compared to the same month in the previous year.

The highest GST collection in a single month was recorded in April 2021, when the revenue collected was Rs. 1.41 lakh crore. The March 2023 figures indicate a steady recovery in the Indian economy, which has been impacted by the COVID-19 pandemic.

The GST collections in the financial year 2022-23 (April 2022 to March 2023) were also robust, with a total of Rs. 16.7 lakh crore (USD 231 billion) collected. This is an increase of 21 percent compared to the previous financial year.

The increase in GST collection is seen as a positive sign for the Indian economy, which had been hit hard by the pandemic. The Indian government has been implementing various measures to boost economic growth, including the Atmanirbhar Bharat Abhiyan, which aims to make India self-reliant.

The increase in GST collection is also expected to provide a boost to the government's revenue, which has been hit by the pandemic-related slowdown. The government has been relying on GST revenue to meet its expenditure, including expenses related to COVID-19 management.

In conclusion, the increase in GST collection in March 2023 and the financial year 2022-23 is a positive sign for the Indian economy. The figures indicate a steady recovery from the pandemic-induced slowdown and are expected to provide a boost to the government's revenue.

Also Read: GST collection for Dec 2020 Recorded Highest Of All Time