The Indian government collected a record 1.87 trillion rupees ($22.88 billion) as gross Goods and Service Tax (GST) revenue for the month of April—the highest ever since the landmark indirect tax reform was implemented in the country in 2017.
According to the data released by Union Finance Ministry on Monday, the GST collected in April 2023 is up 12 per cent from last year. Whereas compared to last month, the latest GST collections figure is up 16.8 per cent. In April last year, around Rs 1.68 trillion was collected.
Of the 1.87 trillion rupees collected, Rs 38.4 billion came from the central GST (CGST), the state GST contributed Rs. 47 billion, while the Integrated Goods and Services Tax (IGST) accounted for Rs12 billion, including Rs 9 billion collected on import of goods).
The government has settled Rs 45.8 billion to CGST and Rs. 37.9 billion to SGST from IGST.
The total revenue of the Centre and the states in the month of April 2023 after regular settlement is Rs. 84.3 billion for CGST and Rs. 85.3 billion for the SGST.
“The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said.
April 2023 saw the highest-ever tax collection on a single day on April 20. A sum of Rs 68 billion crore was paid through 9,80,000 transactions on that day. The highest single-day payment last year (on the same date) was Rs 57 billion through 9,60,000 transactions.
The ministry said that the number of e-way bills generated in March 2023 was 90 million, which is 11 per cent higher than 81 million e-way bills generated in February 2023.
Commenting on the GST numbers, Assocham President Ajay Singh said that the highest-ever collection in April marks an excellent beginning of fiscal 2023-24.
“The GST numbers are indicative of robust growth of the Indian economy, on the back of a strong pick-up in consumer demand,” he said. Assocham is a non-governmental trade association and advocacy group.
GST came into force on July 1, 2017, subsuming a plethora of indirect taxes.
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