- The GST collection in April touched an all-time monthly high of Rs 1.87 lakh crore, rising by 12 percent compared to in April 2022.
- In April, the revenue from domestic transactions was 16 percent higher than the revenue from the same sources during the same month last year.
- This buoyancy was also reflected in the April collections from states, which stood at Rs 1.51 lakh crore as against 1.30 lakh crore in April 2022.
- PM Narendra Modi lauded the highest-ever monthly GST collection as “great news” for the Indian economy.
The gross Goods and Services Tax (GST) collection in April touched an all-time monthly high of Rs 1.87 lakh crore, rising by 12 percent compared to about Rs 1.68 lakh crore (the previous highest) in April 2022, showed data released by the Finance Ministry on Monday.
The revenue stood at Rs 1.60 lakh crore in March and Rs 1.49 lakh crore in February. In April, the revenue from domestic transactions, including the import of services, was 16 percent higher than the revenue from these sources during the same month last year.
“For the first time, gross GST collection has crossed the Rs 1.75 lakh crore mark. The total number of e-way bills generated in March 2023 was 9 crore, which was 11 percent higher than 8.1 crore e-way bills generated in February 2023,” an official statement said.
This buoyancy was also reflected in the April collections from states, which stood at Rs 1.51 lakh crore as against 1.30 lakh crore in April 2022. The intake from Punjab was Rs 2,613 crore in April as against Rs 1,735 crore in March, Rs 1,651 crore in February, and Rs 1,994 crore in April 2022.
For April, the cumulative CGST was Rs 38,440 crore, SGST Rs 47,412 crore, IGST Rs 89,158 crore (including Rs 34,972 crore from import of goods), and cess was Rs. 12,025 crores (including Rs 901 crore from import of goods). The Centre settled Rs 45,864 crore to CGST and Rs 37,959 crore to SGST from IGST. The total revenue of the Centre and the states in April after the regular settlement was Rs 84,304 crore for CGST and Rs 85,371 crore for SGST.
Some of the main reasons behind this record GST collection are:
- Improved economic activity and recovery after the second wave of covid pandemic.
- Increased compliance and anti-evasion measures taken by the Government
- Higher tax collection from sectors such as automobiles, FMCG, IT, and E-Commerce, which have witnessed strong demand and growth.
PM Narendra Modi lauded the highest-ever monthly GST collection as “great news” for the Indian economy.
