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Wednesday, May 31, 2023

PM Modi calls it ‘Great News’ as GST collections hit all-time high

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The Finance Ministry reported that the GST (Goods and Services Tax) collection reached a record high of Rs 1.87 lakh crore in April 2023 after it rose by 12%.

According to the ministry, the total GST revenue collected in April 2023 was Rs 1,87,035 crore. This includes Rs 47,412 crore in SGST, Rs 38,440 crore in CGST, Rs 89,158 crore in IGST (including Rs 34,972 crore in IGST received by importing goods), and Rs 12,025 crore in cess (including Rs 901 crore in cess received by importing goods).

The gross GST collection has now exceeded Rs 1.75 lakh crore for the first time since the regime’s inception.

According to the ministry, April 2023’s revenues are up 12% from the same month in the previous year’s GST collections.Revenues from domestic transaction, which includes those from the import of services are up by 16% this month from the same month last year.

On April 20, this year, the highest tax revenue was ever collected in a single day. On April 20, 2023, 9.8 lakh transactions of Rs 68,228 crore were performed. According to 9.6 lakh transactions, Rs 57,846 crore was the greatest payment made on a single day in 2022 (on the same date).

The fiscal year 2022–2023 saw a total gross collection of Rs 18.10 lakh crore. That represents a 22% increase over the prior year.

Welcoming the GST numbers,  Prime Minister Narendra Modi tweeted, “Exciting developments for the Indian economy! The success of how GST has strengthened integration and compliance is demonstrated by rising revenue collection despite reduced tax rates.”

The following are some of the primary causes behind this record GST collection: After the second wave of the Covid-19 pandemic, there has been an improvement in economic activity.

Enhanced compliance and anti-evasion measures implemented by the government, including audits, data analytics, and electronic invoices and way bills increased tax receipts from industries that have had high demand and expansion, such as the automotive, consumer durables, FMCG, IT, and e-commerce.

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