(Source: Poll of Polls)
GST Collections Touch All-Time High In April, Rise 12 Per cent To Rs 1.87 Lakh Crore
The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore and cess is Rs 12,025 crore
The goods and services tax (GST) collections grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The finance ministry in a statement said on Monday said the gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore.
The previous high collections of Rs 1.68 lakh crore were in April last year. "The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said.
During the month, the revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year. The total gross collection for the 2022-23 fiscal stood at Rs 18.10 lakh crore, 22 per cent higher than the previous year.
Meanwhile, Finance Minister Nirmala Sitharaman on Saturday asked the Central Board of Indirect Taxes & Customs (CBIC) to increase the taxpayer base and introduce an automated GST return scrutiny system by next week. The total Indirect Tax collections for the 2022-23 fiscal stood at Rs 13.82 lakh crore, up from Rs 12.89 Lakh crore in 2021-22.
The average gross monthly GST collection for 2022-23 stood at Rs 1.51 lakh crore and monthly GST revenue collections exceeded Rs 1.4 lakh crore for 12 months in a row.
Total number of e-way bills generated in the month of March 2023 was 9.0 crore, which is 11 per cent higher than 8.1 crore e-way bills generated in the month of February 2023.
In a review meeting with the CBIC, Sitharaman desired that the indirect tax body may undertake a comprehensive root cause analysis of fake billing and input tax credit claims by studying the typology of cases already booked and come up with recommendations on technology-based solutions to address the menace and prevent its occurrence.
"The Finance Minister directed CBIC to introduce its automated GST return scrutiny by next week and to implement an action plan to increase the taxpayer base through enhanced use of technology," a finance ministry statement said.