GST Collection of April 2023

April 2023 witnessed the highest GST collections ever since the inception of GST at Rs.1.87 lakh crore, a whopping Rs.19,495 crore more than the second-highest GST collection of Rs.1,67,540 crore in April 2022. The collection includes a record-breaking amount of Rs.68,228 crore on 20th April, the highest single-day tax collection, from 9.8 lakh transactions. This also happens to be the first time that the GST collections have crossed the Rs.1.75 lakh crore mark.

The revenues for April 2023 are 12% higher year-on-year as compared to April 2022. 

Break-up of GST Collections for April 2023

As per the latest PIB report, the GST revenues collected in April 2023 amount to Rs.1,87,035 crore, and comprises a break-up of Rs.38,440 towards CGST, Rs.47,412 crore towards SGST and Rs.89,158 crore towards IGST. The IGST collected includes a sum of Rs.34,972 crore collected on the import of goods. Further, the GST collections include cess revenues of Rs.12,025 crore, which include Rs.901 crore collected on the import of goods.

From the IGST collections, the government has settled Rs.45,864 crore towards CGST and Rs.37,959 crore towards SGST. The total revenue of the Centre and the states for April 2023, after the regular settlement, stood at Rs.84,304 crore for CGST and Rs.85,371 crore for SGST.

Analysis of the GST Collection for April 2023

The impressive GST mop-up this month is indicative of two major factors. For one, the collections in April are a result of the business transactions executed in the month of March 2023. Being the financing year-end, businesses across the country work overtime to achieve year-end sales targets. This is also apparent in the e-way bills issued, which stood at nine crore in number, an 11% increase from February 2023. The other factor is the increased level of vigilance and anti-evasion measures by the government that urge taxpayers to adhere to timely compliance. 

It is also without doubt that the country is witnessing a strong economic recovery post the COVID-19 pandemic. The collections have now crossed the Rs.1.4 lakh crore mark for over 12 months in a row, with the first four months of 2023 seeing a collection of around Rs.1.5 lakh crore or higher.  

(Source: PIB)

State-wise Break-up of GST Collection for April 2023

Almost every state in India has recorded a positive year-on-year increase in revenues, with the exception of the Union Territory of Lakshadweep. Sikkim took the top position with year-on-year growth of 61%, followed by Mizoram at 53% and Jammu and Kashmir at 44%. Maharashtra, on the other hand, was the highest-earning state this month at Rs.33,196 crore.