GST revenue reached second highest mop-up of Rs 1.56 lakh crore in January

GST revenue reached second highest mop-up in January

The second-highest mop-up since the indirect tax levy (GST) was instituted in July 2017 for goods and services tax collection was Rs 1.56 trillion in January 2023. In April 2022, GST receipts reached a record high of Rs 1.68 trillion.

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GST revenue reached second highest mop-up of Rs 1.56 lakh crore: Key Points

• According to data from the finance ministry, central GST was Rs 28,963 crore, state GST was Rs 36,730 crore, integrated GST was Rs 79,599 crore (including Rs 37,118 crore collected on import of goods), and cess was Rs 10,630 crore of the gross GST revenue collected in the month of January 2023 until 5 pm (including Rs 768 crore collected on import of goods).
• The amount collected in January 2023 was Rs 1.41 trillion more than it was in January 2022, an increase of 10.6%.
• The collection was 4.7% more than December’s Rs 1.495 trillion on a sequential basis.

According to a statement from the finance ministry, “the revenues in the current financial year up to the month of January 2023 are 24% greater than the GST revenues during the same period last year.”

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

Total revenue as per government records

• In January 2023, the government made a regular installment of Rs 38,507 crore to the federal GST and Rs 32,624 crore to the SGST from IGST.
• After routine settlement, the total revenue for the CGST and state GST for the month of January 2023 was Rs 67,470 crore for the centre and Rs 69,354 crore for the states.
• During the month of December 2022, 8.3 crore e-way bills were generated, which was the most so far and was much higher than 7.9 crore e-way bills generated in November 2022.
• January’s revenues are in keeping with the monthly average mop up of Rs 1.5 trillion this fiscal as against the average monthly mop up from GST at Rs 1.23 trillion in 2021-22.
• The amount of GST collected in the current fiscal year has surpassed Rs. 1.50 lakh crore for the third time.
• The government has taken a number of steps to broaden the tax base and strengthen compliance, which have helped collections along with a normalisation of economic activity and the effects of high inflation.

49th meeting of GST Council held in New Delhi

What is the percentage of GST return in 2022?

• According to the finance ministry, the percentage of GST returns (GSTR-3B) and statement of invoices (GSTR-1) that are filed at the end of the month has increased significantly over time.
• 42 crore GST returns were submitted in total during the quarter ending December 31, 2022, up from 2.19 crore during the same period the previous year.

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Economic Survey 2022–23

GST has become a crucial source of income for the federal and state governments and has stabilised. By 2022, there would be more than 1.4 crore GST taxpayers, up from little over 70 lakh in 2017. The article attributed the increase in GST collections to a number of factors, including the pandemic-related rapid economic recovery, the nationwide campaign against fake bills and GST evaders, the recent introduction of numerous systemic changes, and various rate rationalisation initiatives taken by the GST Council to correct the inverted duty structure.

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