The Goods and Services Tax (GST) collection for April-2023 has set a new historical record in India, exceeding Rs 1.87 lakh crore. This is an increase of 12% compared to the same period last year when the GST collection was Rs 1,67,540 crore. The Finance Ministry reports that CGST collection is Rs 38440 crore, SGST collection is Rs 47412 crore, IGST collection is Rs 89158 crore, and cess collection is Rs 12.025 crore out of the total GST collection.
On April 20, 2023, a single-day transaction of Rs 9.8 lakh crore was recorded, with a GST revenue of Rs 68,228 crore. This was a significant increase from the single-day transaction of Rs 9.6 lakh crore recorded earlier this year in April, with a GST revenue of Rs 57,846 crore.
The record GST collection has brought joy to Prime Minister Narendra Modi, who tweeted, "Very good news for the Indian economy," congratulating the government's success in implementing GST integration and implementation despite low tax rates.
The e-way invoices created in March 2023 numbered 9 crore, surpassing the 8.1 crore e-way bills issued in February. Looking at the federal and state governments' April revenue, the central income after normal settlement was CGST Rs 84304 crore, while the states' SGST was Rs 85371 crore.
The increase in GST collection is a positive sign for India's economic growth and development. It also indicates that the country's taxation system is functioning efficiently and effectively, contributing to the government's revenue generation.
On April 20, 2023, a single-day transaction of Rs 9.8 lakh crore was recorded, with a GST revenue of Rs 68,228 crore. This was a significant increase from the single-day transaction of Rs 9.6 lakh crore recorded earlier this year in April, with a GST revenue of Rs 57,846 crore.
The record GST collection has brought joy to Prime Minister Narendra Modi, who tweeted, "Very good news for the Indian economy," congratulating the government's success in implementing GST integration and implementation despite low tax rates.
The e-way invoices created in March 2023 numbered 9 crore, surpassing the 8.1 crore e-way bills issued in February. Looking at the federal and state governments' April revenue, the central income after normal settlement was CGST Rs 84304 crore, while the states' SGST was Rs 85371 crore.
The increase in GST collection is a positive sign for India's economic growth and development. It also indicates that the country's taxation system is functioning efficiently and effectively, contributing to the government's revenue generation.