Home   »   Economy and Finance   »   Union Budget 2023: GST collection at...

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

Union Budget 2023: GST collection at nearly Rs 1.56 lakh crore in January_40.1

GST collection at nearly Rs 1.56 lakh crore in January

According to finance ministry Nirmala Sitharaman, the Goods and Services Tax (GST) collection in January 2023 saw a significant increase, reaching over Rs 1.55 lakh crore. This marks the second highest-ever mop-up for the GST collection and demonstrates a growth in the country’s economy. The GST collection for January 2023 has reached over the ₹1.50 lakh crore mark for the third time this financial year, and is only second to the highest collection of ₹1.68 lakh crore in April 2022. The revenues for the current financial year up to January 2023 are 24% higher than the GST revenues during the same period last year.

Economic Survey 2023: Chapter-wise Highlights

Detailed breakdown of the gross GST revenue collected in January 2023:

  • The total amount collected was ₹1,55,922 crore, including ₹28,963 crore in Central GST (CGST), ₹36,730 crore in State GST (SGST), ₹79,599 crore in Integrated GST (IGST) and ₹10,630 crore in cess.
  • The IGST collection also included ₹37,118 crore collected on the import of goods and the cess collection included ₹768 crore collected on the import of goods.
  • The increase in GST collection is a positive sign for the Indian economy and shows the growth of the country’s tax system.

In the October-December 2022 quarter, a total of 2.42 crore GST returns were filed compared to 2.19 crore in the same quarter of the previous year. This improvement in compliance is a result of various policy changes introduced throughout the year.

You may also read this:

Find More News on Economy Here

 

Union Budget 2023: GST collection at nearly Rs 1.56 lakh crore in January_50.1

 

Union Budget 2023: GST collection at nearly Rs 1.56 lakh crore in January_60.1

Leave a comment

Your email address will not be published. Required fields are marked *