In a vindication of the efforts taken by the Modi-led government to revive the Indian economy following the Covid-19 pandemic, the Ministry of Finance released the GST collection report on Monday and stated that the revenue collection for April 2023 was the highest ever at Rs 1.87 lakh crore.
“Gross GST collection in April 2023 is all time high, Rs 19,495 crore more than the next highest collection of Rs 1,67,540 crore, in April 2022,” tweeted the Finance Ministry on May 1. According to the official release, the government has settled Rs 45,864 crore to CGST and Rs 37,959 crore to SGST. Further, the total revenue of the Centre and the States in the month of April 2023 after the regular settlement is Rs 84,304 crore for CGST and Rs 85,371 crore for the SGST.
👉 #GST revenue collection for April 2023 highest ever at ₹1.87 lakh crore
— Ministry of Finance (@FinMinIndia) May 1, 2023
👉 Gross #GST collection in April 2023 is all time high, ₹19,495 crore more than the next highest collection of ₹1,67,540 crore, in April 2022
Read more ➡️ https://t.co/KGeb6ZLf0D
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“The revenues for the month of April 2023 are 12 percent higher than the GST revenues in the same month last year. The whopping collection has been led by a robust jump in collections in states like Uttar Pradesh, Maharashtra, Karnataka, and Haryana among others,” the Finance Ministry said in its report.
Prime Minister Narendra Modi commented on the momentous occasion and said that the GST revenue collection for April 2023 being the highest was great news for the Indian economy. “Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance,” he tweeted.
Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance. https://t.co/xf1nfN9hrG
— Narendra Modi (@narendramodi) May 1, 2023
Maharashtra collects maximum revenue, Uttar Pradesh crosses Rs 10,000 crore mark
The Ministry of Finance also provided bifurcation of the GST revenue collected by each state, further revealing that the maximum GST revenue collected was by Maharashtra, Rs 33,196 crore, marking a growth of 21 percent. This has been followed by Karnataka which has collected Rs 14,593 crore, Gujarat (Rs 11,721 crore), Tamil Nadu (Rs 11,559 crore), and Uttar Pradesh (Rs 10,320 crore).
Notably, this is the first time that the monthly GST revenue collection of Uttar Pradesh has crossed the Rs 10,000 crores mark. The state’s monthly collection for April 22 was Rs 8534 crores, hence the state recorded a growth of 21 percent in April 2023. Meanwhile, the maximum percentage-wise growth has been recorded by Sikkim at 61 percent. The GST monthly revenue collection by the state in April 2022 was Rs 264 crore and it has risen to Rs 426 crore this year.
GST Collection crosses the mark of Rs 1.75 lakh crores for the first time
It is worth noting that this is the first time that the gross GST revenue collection has crossed the mark of Rs 1.75 lakh crores. The GST revenue collection for March 2023 was Rs 1,60,122 lakh crores. The total amount of e-way bills generated in March 2023 was 9 crore, an increase of 11% above the 8.1 crore e-way bills produced in February 2023.
Further, April 20, 2023, witnessed the most tax revenue ever collected in a single day. On April 20, 2023, 9.8 lakh transactions totaling Rs 68,228 crore were completed. Notably, 9.6 lakh transactions took place last year (on the same day) worth Rs 57,846 crore.
Gross GST revenue collection for March was recorded at Rs 1,60,122 crore
The Ministry of Finance released a similar report on April 1 this year saying that the gross GST revenue collected in the month of March 2023 was Rs 1,60,122 lakh crore.
The government had last month settled Rs 33,408 crore to CGST and Rs 28,187 crore to SGST from IGST as a regular settlement. The total revenue of the Centre and the States in the month of March 2023 after IGST settlement was recorded at Rs 62,954 crore for CGST and Rs 65,501 crore for the SGST.
The income for March 2023 was 13 percent more than the income from GST in the same month last year. In comparison to the same month last year, the income from imports of products was 8 percent higher and the income from domestic transactions, which includes the import of services, was 14 percent higher during March 2023.
