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GST collection at Rs 1.55 lakh crore in January, second highest-ever

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Over the last year, the government has made various efforts to increase the tax base and improve compliance.

New Delhi, Jan 31: The GST collection for the month of January surged to over Rs 1.55 lakh crore, the second highest-ever mop-up, the finance ministry said on Tuesday.

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"The gross GST revenue collected in the month of January 2023 till 5:00 pm on 31.01.2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods)," the ministry said in a statement.

"The Government has settled Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after the regular settlement is Rs 67,470 crore for CGST and Rs 69,354 crore for the SGST," the statement added.

The revenues in the current financial year upto the month of January 2023 are 24% higher than the GST revenues during the same period last year. The revenues for this period from the import of goods are 29% higher and from the domestic transaction (including the import of services) are 22% higher than the revenues from these sources for the same period last year.

This is for the third time, GST collection has crossed Rs 1.50 lakh crore mark. The GST collection in January 2023 is the second highest followed by the collection reported in April 2022.

In the month of December 2022, 8.3 crore e-way bills were generated, which is the highest till now and it was significantly higher than 7.9 crore e-way bills generated in November 2022.

Over the last year, the government has made various efforts to increase the tax base and improve compliance.

Meanwhile, the percentage of filing of GST returns and of the statement of invoices (GSTR-1), till the end of the month, has improved significantly over years.

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