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    HomeFinanceApril records highest ever GST collections

    April records highest ever GST collections

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    India’s Goods and Services Tax (GST) collection in April 2023 rose by 12% compared to the previous year, reaching a record high of over Rs 1.87 lakh crore. The finance ministry shared the figures on Monday, which showed that this was the highest-ever monthly GST collection, surpassing the previous record in April 2022. The collection included CGST, SGST, IGST, and cess. Prime Minister Narendra Modi praised the achievement in a tweet, noting that the rising tax collection despite lower tax rates demonstrated the success of GST in increasing integration and compliance.

    The finance ministry’s statement revealed that the revenues from domestic transactions (including import of services) during April 2023 were 16% higher than those from the same month in the previous year. April 2023 also saw the highest-ever tax collection on a single day, with over Rs 68,228 crore paid through 9.8 lakh transactions. The ministry also reported that the number of e-way bills generated in March 2023 was 9 crore, an increase of 11% from February 2023.

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    During April, the government settled Rs 45,864 crore to CGST and Rs 37,959 crore to SGST from IGST. After regular settlement, the total revenue of the Centre and the States in April 2023 was Rs 84,304 crore for CGST and Rs 85,371 crore for SGST. Assocham President Ajay Singh commented on the GST collection, stating that it marked an excellent beginning for fiscal year 2023-24 and was indicative of robust growth in the Indian economy due to consumer demand.

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    Rajesh M
    Rajesh Mhttps://www.telanganatribune.com
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