New Delhi, 2nd May 2023: India has achieved a new record in Goods and Services Tax (GST) collections, with the figure reaching Rs 1.87 lakh crore in April, a 12% year-on-year increase. Prime Minister Narendra Modi lauded the achievement, saying that the increased tax collection was a sign of the success of GST and the impact of increased integration and compliance.
The previous highest tax collection since GST’s implementation in July 2017 was Rs 1.68 lakh crore, which was recorded in April last year. The Finance Ministry reported that the total GST collection for April 2023 was Rs 1,87,035 crore, with Central GST (CGST) at Rs 38,440 crore, State GST (SGST) at Rs 47,412 crore and Integrated GST (IGST) at Rs 89,158 crore. This total includes a cess of Rs 12,025 crore, including Rs 901 crore on imported goods.
The Finance Ministry added that April’s GST collection was 12% higher than the same month last year, with tax revenue from domestic transactions, including import of services, being 16% higher than a year ago. Furthermore, the total GST collection for the financial year 2022-23 was Rs 18.10 lakh crore, 22% more than the previous year.
President of industry body Assocham, Ajay Singh, called the record GST collection in April an excellent start to the financial year 2023-24. He also noted that along with an increase in consumer demand, this figure was a sign of strong growth in the country’s economy.