The GST revenue collection for the month of April 2023 stood the highest ever at Rs 1.87 lakh cr, Rs 19,495 crore which is exceeding the following highest collection of Rs. 1,67,540 lakh crore, in April 2022.
In the month of April, the gross GST revenue collected 2023 is Rs 1,87,035 crore where CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (along with Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore (including Rs 901 crore collected on import of goods).
It was expected that the GST collection will break all the previous records in the month of April 2023. In the month of March, more than 9 crore E-way bill generation has already been registered which is the highest ever till now.
Moreover, because of strictness in compliance and being the last month of the financial year, the bumper collection was highly expected.
In April last year, a record 1.67 lakh crore in collections was made, and in March, 7.81 crore GST E-way bills were generated.
For the month of March 2023, the Indian government noted a gross GST (goods and services tax) revenue collection of Rs 1,60,122 crore. The next highest will be the collection of April 2022 this year. In FY23, the monthly GST revenue collections were at or above Rs 1.4 lakh crore for a continuous 12 months.
The GST department announced that it will soon start analysing ITRs filed by businesses and professionals along with MCA filings to make sure the companies are completely dispensing their GST liability and widening the taxpayer base. The announcement was made in March in order to increase its tax base and detect tax evaders.
On May 1st, 2023, the Ministry of Finance will announce the GST collections for the month of April 2023.
