Union Budget 2023: GST collection at nearly Rs 1.56 lakh crore in January

February 1, 2023

GST collection at nearly Rs 1.56 lakh crore in January: Nirmala Sitharaman, the finance minister, claims that the Goods and Services Tax (GST) collection increased significantly in January 2023, hitting more than Rs 1.55 lakh crore. This represents the second-highest mop-up for the GST collection in history and shows that the economy of the country is growing. The GST collection for January 2023 has reached over the ₹1.50 lakh crore mark for the third time this financial year, and is only second to the highest collection of ₹1.68 lakh crore in April 2022. The revenues for the current financial year up to January 2023 are 24% higher than the GST revenues during the same period last year.

February 2023 Current Affairs Quiz

Detailed breakdown of the gross GST revenue collected in January 2023:

The total amount collected was 1,55,922 crore, which was made up of 10,630 crore in cess, 36,730 crore in state GST, 28,963 crore in central GST, and 79,599 crore in integrated GST.
The IGST collection also included ₹37,118 crore collected on the import of goods and the cess collection included ₹768 crore collected on the import of goods.
The increase in GST collection is a positive sign for the Indian economy and shows the growth of the country’s tax system.

In the October-December 2022 quarter, a total of 2.42 crore GST returns were filed compared to 2.19 crore in the same quarter of the previous year. This improvement in compliance is a result of various policy changes introduced throughout the year.