GST Revenue Collection For April Highest Ever At Rs 1.87 Lakh Crore
The rising collection has been credited to growth in economic activity and better GST analytics-based audits.
The April collections of the Goods and Services Tax has breached the Rs 1.87 lakh crore mark.
The collections in April for transactions during March stood at Rs 1,87,035 crore, according to the Ministry of Finance.
This is the first time that gross GST collection has crossed the Rs 1.75 lakh crore mark. With previous trends indicating that the month of April witnesses a surge in collections, experts were hoping that the monthly collections for April will surpass past records.
The collections in March stood at Rs 1.6 lakh crore, whereas the collections for the corresponding period last year were the highest ever recorded until now at Rs 1,67,540 crore. This year's collection is 12% higher than the previous year.
It also marks the fifth month in a row that the collections have remained above Rs 1.5 lakh crore.
During the month, the revenue from domestic transactions (including import of services) were 16% higher than the revenue from these sources during the same month last year, according to a press release.
The rising collections over the previous year have been credited to growth in economic activity and better GST analytics-based audit towards ensuring tax compliance and preventing tax evasion.
According to MS Mani, partner at Deloitte India, the record GST collections relate to the transactions during March 2023, where all organisations would have been keen to close the fiscal on a high note.
"This comes on the back of the month GST collections crossing Rs 1.4 lakh crore continuously during FY23, and hence, is a testimony to the good economic growth and the enhanced efforts aimed at improving compliances."
"Majority of large states have reported 20% plus growth over the same period last year, indicating a broad-level growth across sectors and states," he said.
The ministry had noted in its previous month's collection release that the average monthly gross GST collection for the last quarter of FY23 has been Rs 1.55 lakh crore. This is against the average monthly collection of Rs 1.51 lakh crore, Rs 1.46 lakh crore and Rs 1.49 lakh crore in the first, second and third quarters, respectively.
Total number of e-way bills generated in March 2023 was 9 crore, which is 11% higher than the 8.1 crore e-way bills generated in the month of February.
The month of April also saw the highest ever tax collection on a single day on April 20, 2023, as Rs 68,228 crore was paid through 9.8 lakh transactions.
Break-up Of GST Collection
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 and cess is Rs 12,025 crore (including Rs 901 crore collected on import of goods).
Gross GST revenue: Rs 1,87,035 crore.
Central GST: Rs 38,440 crore.
State GST: Rs 47,412 crore.
Integrated GST: Rs 89,158 crore, (including Rs 34,972 crore collected on import of goods).
Cess: Rs 12,025 crore, (including Rs 901 crore collected on import of goods).
IGST collected in April surpassed the March 2023 figure, which was the highest ever at Rs 82,907 crore (including Rs 42,503 crore collected on import of goods).
State-Wise Collections
Maharashtra followed by Karnataka remained the top-earning states. Maharashtra registered 21% YoY growth in collections, from Rs 27,495 crore to Rs 33,196 crore, due to the size of its tax base.
Karnataka collected Rs 14,593 crore in April as against Rs 11,820 crore in the same last year, a 23% jump.
GST collection growth was also observed in Gurajat, Haryana, Uttar Pradesh and Tamil Nadu.
