The total income from GST, comprising CGST, SGST, IGST, and cess, was Rs 1,55,922 crore as of 5:00 p.m. on January 31, 2023. Of this amount, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore, IGST was Rs 79,599 crore, and cess was Rs 10,630 crore (including Rs 768 crore collected on import of goods).
The government made a monthly settlement of Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST. After normal settlement, the total income for the CGST and SGST for the month of January 2023 is Rs 67,470 crore and Rs 69,354 crore, respectively.
In comparison to the same period last year, the GST revenues for the current fiscal year up to January 2023 are 24% higher. In comparison to the same period last year, the income from domestic transactions, which includes the import of services, is up 22% and the income from imported commodities is up 29%.
The amount of GST collected in the current fiscal year has surpassed Rs. 1.50 lakh crore for the third time. Only the collection recorded in April 2022 is higher than the GST collection in January 2023. The number of GST e-way bills created in December 2022 was 8.3 crore, which is a record high and much more than the number received in November 2022 (7.9 crores).
Numerous initiatives to broaden the tax base and enhance compliance have been undertaken during the past year. Over the years, there has been a substantial improvement in the percentage of GST returns (GSTR-3B) and statements of invoices (GSTR-1) that are filed by the end of the month. The graph below illustrates the pattern of returns filed during Oct.-Dec. quarter during the last few years. 2.42 crore GST returns were submitted in total between October and December 2022 as of the end of the month, up from 2.19 crore during the same period the previous year.
This is a result of several policy modifications made during the year to increase compliance.
