GST collections for April rose 16.8% to stand at Rs 1,87,035cr
The gross GST collection in April 2023 has set an all-time high at Rs 1,87,035 crore, which is Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022.
The gross GST revenue for April 2023 was Rs 1,87,035 crore, which was 16.8 per cent more than Rs 1,60,122 crore of gross GST collected for March 2023.
The gross GST collection in April 2023 has set a new all-time high, with Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022.
For the first time ever, GST collections have crossed the Rs 1.75 lakh crore mark, official sources confirmed. This is a major milestone for the GST regime and reflects the growing acceptance of the new tax system by businesses and consumers alike.
According to the data released by the Finance Ministry on Monday, out of the gross GST collections of Rs 1,87,035 crore, CGST was Rs 38,440 crore, SGST was Rs 47,412 crore, IGST was Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess stood at Rs 12,025 crore (including Rs 901 crore collected on import of goods).
The government has settled Rs 45,864 crore to CGST and Rs 37,959 crore to SGST from the Integrated Goods and Services Tax (IGST).
The total revenue of Centre and the states in April 2023 after regular settlement is Rs 84,304 crore for CGST and Rs 85,371 crore for the SGST, according to an official report.
The government’s coffers are overflowing with money, as April 2023’s GST revenues are 12 per cent higher than the revenues recorded in the same month last year. This is great news for the country, as it will help to fund many important projects and initiatives.
During April 2023, the revenues from domestic transactions (including import of services) were 16 per cent higher than the revenues from these sources during the same month last year.
The total number of e-way bills generated in March 2023 was 9 crore, which is 11 per cent higher than 8.1 crore e-way bills generated in February 2023. This demonstrates the increasing trend of e-way bills being generated as businesses adopt this new system.
April 2023 witnessed the highest ever tax collection on a single day, with Rs 68,228 crore paid through 9.8 lakh transactions. This was a remarkable achievement, as the previous record was Rs 65,844 crore, which was set on April 18, 2018. The increase in tax collection was due to the government’s efforts to improve the ease of doing business and make it easier for taxpayers to comply with the tax laws.
Last year on this date, the highest single day payment was Rs 57,846 crore through 9.6 lakh transactions.