Record-high GST Revenue Collected in India for April 2023:
India's gross GST collections for April 2023 reached a new high of 1,87,035 crore, a 12% increase over the same month last year's highest tax tally of 1.67 lakh crore. This article discusses the breakdown of the revenue collected and highlights the key factors contributing to the rise.
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Increase in Domestic GST Revenues:
Domestic GST revenues, including service imports, increased 16% year on year in April. Although the figures for goods imports were not disclosed, the Finance Ministry reported that they had increased by 8% in March.
Record-Breaking GST Compensation Cess Collections:
GST Compensation Cess collections hit a new high of 12,025 crore in April, including 900 crore from imports, breaking the previous high of 11,931 crore in February.
Highest Ever Single-Day GST Collection:
On April 20, taxpayers made a record-breaking GST contribution of 68,228 crore through 9.8 lakh transactions, the biggest ever single-day GST collection.
Breakdown of GST Revenue Collection:
The gross GST revenue collected in April 2023 was ₹1,87,035 crore, of which CGST was ₹38,440 crore, SGST was ₹47,412 crore, IGST was ₹89,158 crore (including ₹34,972 crore collected on import of goods), and cess was ₹12,025 crore, according to the Finance Ministry.
Comparison with Last Year’s Figures:
The previous high was 1.68 lakh crore in April of last year. According to the ministry, the April 2023 revenues are 12% more than the same month last year's GST receipts. Moreover, the revenues from domestic transactions (including import of services) during the month were 16% higher than the revenues from these sources during the same month last year.
Overall Fiscal Year Collection:
The total gross collection for the 2022-23 fiscal year stood at ₹18.10 lakh crore, 22% higher than the previous year.
