The March figure represents a 12.68% year-on-year growth, and takes the total collection for the 2022-23 financial year to a record ₹18.07 lakh crore, according to official data. The previous annual record was ₹14.83 lakh crore in 2021-22.
"The total gross collection for 2022-23 stands at 18.1 lakh crore [rounding off ₹18,07,679 crore] and the average gross monthly collection for the full year is ₹1.51 lakh crore," the Union finance ministry said in a statement.
According to government data for FY23, average monthly collections in the last quarter (Q4 FY23) was ₹1.55 lakh crore, the highest compared to past quarters ₹1.51 lakh crore in Q1, ₹1.46 lakh crore in Q2 and ₹1.49 lakh crore in Q3.
Experts said GST is a tax on consumption the average reaching over ₹1.5 lakh crore signals robustness of the economy, better compliance and general acceptability of the new indirect tax regime.
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