GST Record: GST collection
- Admin
The Goods and Services Tax (GST) collection in India has reached a new milestone in April 2023, as it crossed Rs 1.87 lakh crore for the first time since its implementation in July 2017. This is an increase of 27% compared to the same month last year, when the collection was Rs 1.47 lakh crore.
The GST collection in April reflects the economic recovery and improved compliance after the second wave of Covid-19 pandemic that hit the country in 2022. The government had taken several measures to ease the burden on taxpayers and facilitate smooth filing of returns, such as extending deadlines, waiving late fees and interest, and simplifying forms.
The GST collection in April also includes the settlement of Rs 29,185 crore from the Integrated GST (IGST) to the Centre and states. The Centre received Rs 16,424 crore and the states received Rs 12,761 crore as their share of IGST.
Among the states, Maharashtra topped the list with a GST collection of Rs 34,055 crore, followed by Karnataka with Rs 19,916 crore and Gujarat with Rs 17,447 crore. The lowest GST collection was reported by Mizoram with Rs 58 crore.
The GST collection in April has surpassed the previous record of Rs 1.41 lakh crore in March 2023, which was also boosted by year-end settlements and compliance measures. The average monthly GST collection in the financial year 2022-23 was Rs 1.24 lakh crore, which is higher than the budget estimate of Rs 1.15 lakh crore.
The GST collection in April indicates that the tax reform has been successful in widening the tax base, increasing revenue and reducing evasion. The government expects that the GST collection will continue to grow in the coming months as the economy recovers further and more sectors reopen after the lockdowns.
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