In April 2023, India’s gross GST revenues skyrocketed to a staggering ₹1,87,035 crore, marking a remarkable 12% increase from the highest tax tally recorded in the same month last year. This remarkable feat is a testament to India’s robust economic growth, fueled by various factors, including an increase in domestic consumption, a favorable global economic climate, and the government’s efforts to boost revenue collection.
In this article, we delve into the details of the revenue collected and the factors that contributed to this impressive feat.
India’s Domestic GST Collection Surge 16% YoY in April, Boosted by Service Imports
- In April, there was a year-on-year increase of 16% in India’s domestic GST collection of revenues, which includes the import of services.
- Although the Finance Ministry did not disclose the figures for goods import, they did reveal that it had increased by 8% in March.
GST Compensation Cess Collections Set New Record in April, Surpassing February High
- In April, the collection of GST Compensation Cess reached a new all-time high of ₹12,025 crore, out of which ₹900 crore was collected from imports.
- This figure surpassed the previous record of ₹11,931 crore, which was set in February.
- This achievement is a significant milestone for India’s economy, reflecting the government’s efforts to boost revenue collection through effective taxation policies.
Record-Breaking Single-Day GST Collection of ₹68,228 Crore
On April 20, taxpayers made history by contributing a record-breaking ₹68,228 crore through 9.8 lakh transactions, resulting in the highest ever single-day GST collection.
The overall gross GST collection in April 2023 was ₹1,87,035 crore, with CGST at ₹38,440 crore, SGST at ₹47,412 crore, IGST at ₹89,158 crore (including ₹34,972 crore from import of goods), and cess at ₹12,025 crore, as per the Finance Ministry’s report.
April 2023 GST Revenues 12% Higher Than Last Year’s
According to the Finance Ministry’s report, the gross GST revenue collection for April 2023 was ₹1,87,035 crore, which is 12% higher than the GST revenues collected in the same month last year, which was ₹1.68 lakh crore.
The revenues from domestic transactions, which includes import of services, during April 2023 were 16% higher than the revenues from the same sources in April 2022.
Also do read: GST collection in August 2021 crosses ₹1 Lakh Crore
India’s Fiscal Year 2022-23 GST Collection Reaches ₹18.10 Lakh Crore
As per recent reports, India’s total gross GST collection for the fiscal year 2022-23 amounted to ₹18.10 lakh crore, which is 22% higher than the previous fiscal year.
In conclusion, India’s gross GST revenues for April 2023 increased by 12%, reaching ₹1,87,035 crore, reflecting the country’s strong economic growth and the government’s effective taxation policies. Domestic GST revenues surged by 16% YoY, and a new record was set for GST compensation cess collections, with a single-day GST collection of ₹68,228 crore. Overall, India’s total gross GST collection for the fiscal year 2022-23 amounted to ₹18.10 lakh crore, a 22% increase from the previous fiscal year.
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