The Business Bytes
TBB BUREAU
NEW DELHI, MAY 1, 2023
The gross GST revenue for April 2023 stood at 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 is also an all-time high and is Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore ,recorded in April 2022.
Also for the first time, gross GST collections have crossed Rs 1.75 lakh crore mark, official sources said, adding that the total number of e-way bills generated in the month of March 2023 was 9crore, which is 11 per cent higher than 8.1 crore e-way bills generated in the month of February 2023.
The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year.
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 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.
April 2023 witnessed the highest ever tax collection on a single day, i.e. on April 20, when Rs 68,228 crore was paid through 9.8 lakh transactions.
The highest single-day payment last year (on the same date) was Rs 57,846 crore through 9.6 lakh transactions.
Meanwhile, Prime Minister Narendra Modi has called GST revenue collection for April 2023 being highest ever at Rs 1.87 lakh crore a “great news for the Indian economy.” Replying to a Finance Ministry tweet, the Prime Minister 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.”
