GST collections touch record high of Rs 1.87 lakh crore in April 2023
The Goods and Services Tax (GST) collections rose 12% to a record high of Rs 1.87 lakh crore in April, the finance ministry said.
“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 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore (including Rs 901 crore collected on import of goods),” the ministry said in a statement.
It is for the first time since the implementation of the regime that the gross GST collection crossed the Rs 1.75 lakh crore mark.
The ministry said that the revenues for the month of April 2023 are 12% higher than the GST revenues in the same month last year.
During the month, the revenues from domestic transactions (including import of services) are 16% higher than the revenues from these sources during the same month last year.
“The month of April 2023 saw the highest ever tax collection on a single day on 20th April 2023. On 20th April 2023, Rs 68,228 crore was paid through 9. 8 lakh transactions. The highest single day payment last year (on the same date) was Rs 57,846 crore through 9.6 lakh transactions,” it said.
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The total gross collection for the 2022-23 fiscal stood at Rs 18.10 lakh crore, 22 per cent higher than the previous year.
“Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance,” Prime Minister Narendra Modi tweeted after the GST figures were released.
Some of the main reasons behind this record GST collection are:
- Improved economic activity and recovery after the second wave of Covid-19 pandemic
- Increased compliance and anti-evasion measures taken by the government, such as e-invoicing, e-way bills, data analytics and audits
- Higher tax collections from sectors such as automobiles, consumer durables, FMCG, IT and e-commerce, which have witnessed strong demand and growth
