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

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.

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