GST collection in April 2023 crossed Rs 1.75 lakh crore per month for the first time.
GST revenue from domestic transactions (including import of services) is 16% higher than revenue from these sources in the same month last year
GST collections in April 2023 jumped 12% year-on-year to their highest level ever of Rs 1,87,035 crore, according to the latest official data released on Monday. Sharing the latest GST figures, Prime Minister Narendra Modi said it was great news for the Indian economy, and the increase in tax collection despite lower tax rates shows the success of the how the GST has increased integration and compliance.
“For the first time, gross GST collection crossed the Rs 1.75 lakh crore mark,” the finance ministry said in a statement.
Excellent news for the Indian economy! The increase in tax collection despite lower tax rates shows the success of how the GST has increased integration and compliance. https://t.co/xf1nfN9hrG— Narendra Modi (@narendramodi) May 1, 2023
The ministry added that the gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore, of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89 Rs 158 crore (including Rs 34,972 crore collected on import). of goods) and the tax is Rs 12,025 crore (including Rs 901 crore levied on importation of goods).
“Revenues for the month of April 2023 are 12% higher than GST revenues for the same month last year. During the month, income from domestic transactions (including import of services) is 16% higher than income from these sources during the same month last year,” according to the statement.
In April 2023, the 20th day of the month (April 20) saw the highest tax collection ever recorded in a single day. On April 20, Rs 68,228 crore was paid through 9.8 lakh transactions. The highest one-day payout last year (as of the same date) was Rs 57,846 crore through 9.6 lakh transactions.
At the state level, Maharashtra posted the highest GST collections with Rs 33,196 crore, followed by Karnataka (Rs 14,593 crore), Gujarat (Rs 11,721) and Uttar Pradesh (Rs 10,320 crore).
Aditi Nayar, Chief Economist and Head (Research and Outreach) at CIFAR, said, “GST collections showed a strong year-end increase with a 12% expansion in April 2023, representing the March 2023 transactions. While recoveries have maintained good growth of 11-13% over the past several months, a normalizing base and some cooling in inflation could slightly moderate the pace of expansion over the next few months. quarter, although it would remain in the high single digits.”
Abhishek Jain, Country Head (Indirect Tax) at KPMG in India, said: “Highest ever GST collection is in line with expectations, especially with the increase in electronic freight bills generated in March and related reconciliations year-end activities. With the continued growth of recoveries and the government’s attempt to control evasion, the encouragement for increased recoveries may continue.”
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