Record-high GST Revenue Collected in India for April 2023:
India’s gross GST revenues for April 2023 reached a record high of ₹1,87,035 crore, which is a 12% increase from last year’s highest tax tally of ₹1.67 lakh crore for the same month.
This article discusses the breakdown of the revenue collected and highlights the key factors contributing to the rise.
Increase in Domestic GST Revenues:
The domestic GST revenues, including the import of services, rose 16% YoY in April. Although the figures for goods import were not revealed, they had increased 8% in March, according to the Finance Ministry.
Record-Breaking GST Compensation Cess Collections:
In April, GST Compensation Cess collections reached a new record of ₹12,025 crore, including ₹900 crore from imports, surpassing the previous high of ₹11,931 crore in February.
Highest Ever Single-Day GST Collection:
Taxpayers made a record-breaking GST contribution of ₹68,228 crore through 9.8 lakh transactions on April 20, which was the highest 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 collection of ₹1.68 lakh crore was in April last year. The ministry noted that the revenues for April 2023 are 12% higher than the GST revenues for the same month last year. 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.