The government has achieved a new record in the collection of Goods and Services Tax (GST). In April, it reached 1.87 lakh crore rupees, an increase of 12 percent annually.
What’s remarkable is that this is the highest GST revenue collected in any single month.
Since the implementation of the GST system in July 2017, the previous record for tax collection was 1.68 lakh crore rupees, which was achieved in April of the previous year.
The Ministry of Finance announced on Monday that the GST collection for April 2023 stood at 1,87,035 crore rupees.
This includes Central Goods and Services Tax (CGST) of 38,440 crore rupees, State Goods and Services Tax (SGST) of 47,412 crore rupees, Integrated Goods and Services Tax (IGST) of 89,158 crore rupees, and cess of 12,025 crore rupees.
The Ministry stated, “Compared to the same month a year ago, the GST collection for April 2023 has increased by 12 percent.”
During this period, the revenue from domestic transactions (including import of services) has increased by 16 percent compared to the previous fiscal year.
The total GST collection in the financial year 2022-23 amounted to 18.10 lakh crore rupees, which is 22 percent higher than the previous financial year.