PM Applauds April's Highest-Ever GST Collection as "Great News for the Economy"
"Great news for the Indian economy," said Prime Minister Narendra Modi of the GST income collection for April 2023, which was the largest amount ever at 1.87 lakh crore.
"for the Indian economy, wonderful news! Increased integration and compliance brought about by the GST has resulted in increased tax collection despite lower tax rates "PM Modi tweeted.
The gross GST collection reached an all-time high in April 2023 with a total of 1,87,035 crore, which is 19,495 crore more than the collection that came in second place in April 2022 with 1,67,540 crore.
GST receipts for April 2023 are 13% more than GST receipts for the same month last year. On April 20, 2023, 9. 8 lakh transactions totaled 68,228 crore, the biggest amount of tax ever collected in a single day.
CGST is 38,440 crore, SGST is 47,412 crore, IGST is 89,158 crore (including 34,972 crore collected on import of goods), and cess is 12,025 crore (including 901 crore collected on import of goods). These amounts represent the total GST revenue that was collected in April.
The government has paid out 37,959 crore to SGST from IGST and 45,864 crore to CGST. After the regular settlement, the Centre and the States will have earned a combined total of 84,304 crore for the CGST and 85,371 crore for the SGST in the month of April 2023.
According to a notification from the Finance Ministry, the revenues for April 2023 were 12% more than the GST receipts for the same month in the previous year.
The month's domestic transaction revenues (including those from the import of services) were 16% higher than they had been in the same month last year.
Gross GST revenue has now exceeded 1.75 lakh crore for the first time.
9.0 crore electronic way bills were produced in total in March 2023, an increase of 11% above the 8.1 crore electronic way bills produced in February 2023.