GST Collection: Great news received in the first month of the new financial year … Prime Minister Narendra Modi got giddy
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Modi tweeted, ‘Good news for the Indian economy. The rise in collections despite lower tax rates shows the success of GST. This shows how GST has increased integration and compliance. Releasing the tax collection figures for April 2023 on Monday, the Finance Ministry said that the gross GST collection last month stood at Rs 1,87,035 crore. Of this, Central GST (CGST) was Rs 38,440 crore, State GST (SGST) was Rs 47,412 crore and Integrated GST (IGST) was Rs 89,158 crore. This also includes a cess of Rs 12,025 crore (including Rs 901 crore received on imported goods).
great start to the new year
The ministry said, “The GST collection in April, 2023 has been 12 per cent higher as compared to the same month a year ago.” During this period, tax revenue from domestic transactions (including import of services) is 16 percent higher than the year-ago period. The total collection of GST in the financial year 2022-23 was Rs 18.10 lakh crore, which is 22 percent more than the previous financial year. The ministry also said that nine crore e-way bills were to be generated in March 2023, which is an increase of 11 per cent as against 8.1 crore bills in February 2023. The government settled Rs 45,864 crore in central GST and Rs 37,959 crore in state GST from IGST during April.
The total revenue of the Center and States in April 2023 after regular settlement stood at Rs 84,304 crore in case of Central GST and Rs 85,371 crore in respect of State GST. On GST collection, industry body Assocham President Ajay Singh said that the record GST collection in April is a great start to the financial year 2023-24. “The GST collection figure, coupled with pick-up in consumer demand, is a sign of strong growth in the country’s economy,” he said.
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