Prime Minister Narendra Modi lauded the GST income collection for the month of April on Monday, calling it “great news for the Indian economy.” In comparison to the previous year, the GST revenue statistics increased by 12, setting a new monthly revenue record of Rs. 1.87 lakh crore. For the first time, the GST income has now surpassed Rs. 1.75 lakh crore. Additionally, the gross GST revenue for the fiscal year 2022–23 was Rs. 18.10 lakh crore, 22% more than the prior fiscal year.
Great news for the Indian economy, the prime minister tweeted on Monday. The fact that tax receipts are rising despite reduced tax rates is evidence of how well the GST has boosted integration and compliance.
Tax revenue from 9.8 lakh transactions on April 20, 2023, was Rs. 68,228 crore, the highest amount ever received in a single day. The greatest single-day payment occurred last year (on the same day), when 9.6 lakh transactions totaling Rs. 57,846 crore.
A total of Rs. 1,87,035 crore in GST income was collected in April 2023, of which Rs. 38,440 crore came from the CGST, Rs. 47,412 crore from the SGST, Rs. 89,158 crore from the IGST (including Rs. 34,972 crore from goods imports), and Rs. 12,025 crore from the cess (including Rs. 901 crore from goods imports).
For the month of April, the central government sent IGST payments totaling Rs. 37,959 crore to SGST and Rs. 45,864 crore to CGST. The aggregate income for the CGST and SGST for the months of April 2023 as a result of the regulatory resolution is Rs. 84,304 crore and Rs. 85,371 crore, respectively.
The GST income from domestic transactions in April, which includes the import of services, was 16% greater than the revenue from same sources in the same month the previous year.
