GST revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year.
GST collections in April 2023 jumped 12 per cent YoY to hit its highest-ever level of Rs 1,87,035 crore, according to the latest official data released on Monday. Sharing the latest GST numbers, Prime Minister Narendra Modi said it is great news for the Indian economy, and rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance.
“For the first time, gross GST collection has crossed Rs 1.75 lakh crore mark,” the finance ministry said in a statement.
Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance. https://t.co/xf1nfN9hrG
— Narendra Modi (@narendramodi) May 1, 2023
The ministry said 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 89,158 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 revenues for the month of April 2023 are 12 per cent 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 per cent higher than the revenues 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-ever tax collection on a single day. On April 20, 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.
State-wise, 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 & outreach) at ICRA, said, “GST collections displayed a robust year-end uptick with a 12 per cent expansion in April 2023, representing the transactions in March 2023. While collections have maintained a healthy 11-13 per cent growth in the recent months, a normalising base and some cooling of inflation may moderate the pace of expansion slightly in the coming quarter, although it would remain in the high single digits.”
Abhishek Jain, national head (indirect taxes) at KPMG in India, said, “The highest-ever GST collection is aligned to the expectations, specifically with the increased e-way bills generated during March and reconciliations linked to year-end activities. With continued growth in collections and the government’s bid to control evasion, the cheer on increased collections could continue.”
Source: News18
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