GST Collection In April 2023 has crossed Rs 1.75 lakh crore a month mark for the primary time.
GST revenues from home transactions (together with import of providers) are 16 per cent larger than the revenues from these sources throughout the identical month final 12 months
GST collections in April 2023 jumped 12 per cent YoY to hit its highest-ever stage of Rs 1,87,035 crore, based on the newest official knowledge launched on Monday. “For the primary time, gross GST assortment has crossed Rs 1.75 lakh crore mark,” the finance ministry said in a statement.
It added that the gross GST revenue collected in the month of April, 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore (including Rs 901 crore collected on import of goods).
“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,” based on the assertion.
In April 2023, the twentieth day of the month (April 20) noticed the highest-ever tax assortment on a single day. On April 20, Rs 68,228 crore was paid by 9.8 lakh transactions. The highest single-day fee final 12 months (on the identical date) was Rs 57,846 crore by 9.6 lakh transactions.
State-wise, Maharashtra posted the best GST collections with Rs 33,196 crore, adopted by Karnataka (Rs 14,593 crore), Gujarat (Rs 11,721) and Uttar Pradesh (Rs 10,320 crore).
Aditi Nayar, chief economist and head (analysis & outreach) at ICRA, mentioned, “GST collections displayed a sturdy year-end uptick with a 12 per cent enlargement in April 2023, representing the transactions in March 2023. While collections have maintained a wholesome 11-13 per cent progress within the current months, a normalising base and a few cooling of inflation might reasonable the tempo of enlargement barely within the coming quarter, though it will stay within the excessive single digits.”
Abhishek Jain, national head (indirect taxes) at KPMG in India, said, “The highest-ever GST collection is aligned to the expectations, specifically with the increased e-way bills generated during March and reconciliations linked to year-end activities. With continued growth in collections and the government’s bid to control evasion, the cheer on increased collections could continue.”
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