India (Commonwealth Union)_ Prime Minister Narendra Modi announced that India collected INR 1.87 lakh crore in GST revenue in April 2023, which is considered the highest-ever GST revenue collection. According to the PM, this is an excellent news for the Indian economy. Prime Minister Modi took to Twitter to announce the news. He tweeted, “Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance”.
Gross GST collections in April 2023 reached the highest of INR 1,87,035 crore, which is INR 19,495 crore more than the previous record set in April 2022 with INR 1,67,540 crore. April 2023 GST revenues are 12 percent more than the annual GST revenues. Further, the greatest amount of tax ever collected in one day was 68,228 crore through 9.8 lakh transactions on 20 April 2023.
Of the total GST revenue collected in April, CGST accounts for 38,440 crore; SGST accounts for 47,412 crore; IGST accounts for 89,158 crore, including 34,972 crore collected on imports; and cess accounts for 12,025 crore, including 901 crore collected on imports. From IGST, the government has remitted 45,864 crore to CGST and 37,959 crore to SGST. After the routine settlement, the total revenue of the Centre and the States for the month of April 2023 stood at 84,304 crore for the CGST and 85,373 crore for the SGST.
According to a statement from the Finance Ministry, “The revenues for April 2023 are 12 percent higher than the GST revenues in the same month last year”. This month’s revenues from domestic transactions, including the import of services, are 16% higher compared to the revenues of the same month last year. Further, gross GST collection has surpassed 1.75 lakh crore for the first time. In March 2023, a total of 9.0 crore e-way bills were generated, which is 11 percent more than the 8.1 crore e-way bills generated in February 2023.
