GST Collection Sets Historical Record, Exceeds Rs 1.87 Lakh Crores in April-2023: PM Modi Expresses Joy

[bicko]

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.

 

[audiotech]

@bicko Wait if our gdp is growing ,isn’t gst collection going to be historically high every-time we measure it,

 

[lisamac]

@audiotech Stop trying to use logic. My govt just wants to show anything as progress. V ignore the passing of time and inflation to show our metrics increasing.

 

[lap4418]

@audiotech It could also mean evasion is less, but it mostly depends on which side of political spectrum you are these days

 

[prepkit]

@audiotech And 90% of it will be returned back as ITC

 

[blaise]

@prepkit That’s...not how it works.

 

[multiarms]

@bicko

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.

It is functioning well but not for the taxpayer unfortunately.

 

[rwj]

@bicko Hahaha this govt’s PR is insane. Just taking inflation into account. GST will keep increasing every year even if there is growth remains stagnant. Why are people buying into this?

 

[dnl123]

@rwj Inflation along with the higher tax rates. 18% GST for a haircut. Insane!

 

[rwj]

@dnl123 Yeah and they keep playing football with tax rates whenever elections come up.

 

[prepkit]

@rwj They just fake everything and make everything look big and great as if it is their achievement! There is zero involvement by them and now they want to claim as if it is their achievement. Next bhakts will go ballastic when it hits 2L CR and everyone including ministers will say it is all because of Modi.

 

[mommykoko]

@bicko how does increased tax collection help a decent middle class tax payer?

 

[resjudicata]

@mommykoko u get man ki baat episodes

 

[htacianas]

@mommykoko Tax ,= spend on public goods like roads, hospitals, education, armed forces etc

 

[redeemedtomanhood]

@bicko In FY23, overall inflation was 6.7%, and real GDP growth 6.9%.

Combining these results, a tax increase of 12% from a year ago actually indicates a reduction in tax collecting efficiency.

 

[larry3]

@bicko Maybe give us a break on income tax then if taxes are already levied decently

 

[prepkit]

@bicko How much of this will be returned as ITC?

Also, how much of this should the states get? When are they getting it?

 

[tawsfamilyband]

@bicko Are Yeh 20th April wala Koi Historic thodi na Hai
March (Yr End ) ki return lagi thi 20th April Ko ( Which is the Due Date)

 

[juggylove]

@bicko Inflation is at 5.66, previous year it was 6.01. Look it up. These figures are good PR for business in and with India.

 

[wynne]

@juggylove How dare you use logic. Off with your head