GST collections hit record-high of Rs 1.87 lakh crore in April 2023

India's gross Goods and Services Tax (GST) revenues hit a record high in April at Rs 1.87 trillion, up from Rs 1.67 trillion in the previous year.

The indirect tax system was introduced in 2016 to unify the Indian market for goods and services, reducing the taxpayer's burden.

The gross GST revenue collected in the month of April, 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore (including ₹901 crore collected on import of goods).

The government has settled Rs 45,864 crore to CGST and Rs 37,959 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2023 after regular settlement is Rs 84,304 crore for CGST and Rs 85,371 crore for the SGST.

The revenues for the month of April 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 16% higher than the revenues from these sources during the same month last year.

For the first time gross GST collection has crossed Rs 1.75 lakh crore mark. Total number of e-way bills generated in the month of March 2023 was 9.0 crore, which is 11% higher than 8.1 crore e-way bills generated in the month of February 2023.

Month of April 2023 saw the highest ever tax collection on a single day on 20th April 2023. On 20th April 2023, Rs 68,228 crore was paid through 9. 8 lakh transactions. The highest single day payment last year (on the same date) was
Rs 57,846 crore through 9.6 lakh transactions.

FICCI President, Subhrakant Panda, hailed this as a 'big bang start' to the new financial year and noted that the revenue numbers demonstrate India's steady emergence as the next growth engine.

Additionally, the Ministry of Finance reported that on April 20, the country had received its highest single-day tax collection of Rs 68.228 crore through 9.08 lakh transactions.

PM Modi lauds highest ever GST collection in April 2023

The Prime Minister Narendra Modi has called GST revenue collection for April 2023 being highest ever at Rs 1.87 lakh crore a "great news for the Indian economy."

Replying to a Finance Ministry tweet, the Prime Minister 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.''