GST Revenue hits Record High in April - 1.87 Lakh Crores collected
Net GST collection in april hit a new high of Rs 1,87,035 crore. This is 12 percent higher than the Rs 1.67 lakh crore collected in april last year. GST revenue from the country's domestic transactions (including imported services) has been rising by 16 per cent in april every year. The Union Finance Ministry has not disclosed the revenue for the month of april while the revenue received from the import of goods rose by 8 percent in March.
Cess collection, a compensatory tax for GST, has also reached a new high of Rs 12,025 crore. This includes revenue of Rs.900 crore from import of goods. It has broken the previous record of Rs 11,931 crore collected in February. This is the highest collection ever. Similarly, april 20 has set a record for highest GST tax collection on a single day. According to the Union Finance Ministry, Rs 68,228 crore was collected by 9.8 lakh taxpayers on that day alone.
Cess collection, a compensatory tax for GST, has also reached a new high of Rs 12,025 crore. This includes revenue of Rs.900 crore from import of goods. It has broken the previous record of Rs 11,931 crore collected in February. This is the highest collection ever. Similarly, april 20 has set a record for highest GST tax collection on a single day. According to the Union Finance Ministry, Rs 68,228 crore was collected by 9.8 lakh taxpayers on that day alone.
The finance ministry reported that the total GST income collected in april 2023 was $1,87,035 billion, of which the CGST, SGST, and IGST (including the $34,972 billion collected on imports of commodities) accounted for 38,440 billion, 47,412 billion, and 89,158 billion respectively. 1.68 lakh crore was the previous record-breaking collection in april of last year. According to the ministry, "the revenues for the month of april 2023 are 12% higher than the GST revenues in the same month last year."