Updated on: Feb 3rd, 2023
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GST collections of January 2023 saw a record-breaking number of Rs.1,55,922 crore, surpassing October 2022’s collections to become the second highest ever since the inception of GST. The colossal collections in January 2023 are 24% higher than the GST revenues of the same period in the previous year.
According to a PIB release, the collections include Rs.28,963 crore collected as CGST (central tax), Rs.36,730 crore collected as SGST (state tax), and Rs.79,599 crore collected as IGST (integrated GST). The IGST figure also includes Rs.37,118 crore collected from the import of goods. Rs.10,630 crore was also collected towards cess, of which Rs.768 crore was collected on the import of goods.
From the collections, the government has settled a figure of Rs.38,507 crore towards CGST and Rs.32,624 crore towards SGST from the IGST collected as a regular settlement. The total revenue of the Centre and the states for January 2023 post the settlement stood at Rs.67,470 and Rs.69,354 crore for CGST and SGST, respectively.
This is the third time that the GST collections have crossed the Rs.1.5 lakh crore mark this financial year.
(Source: PIB)
The government has made various efforts over the past year, including several policy changes and amendments to the GST law to improve compliance and expand the GST taxpayer base. This can be seen in the percentage of filing of both the GSTR-1 (return of outward supplies) and GSTR-3B (summary return). The graph below highlights the rising trend in return filing for the quarter of October to December 2022. The quarter saw a total of 2.42 crore GST returns as compared to 2.19 crore in the same quarter of the previous year.
(Source: PIB)
The GST Collections January 2023 was reported by the Finance Ministry by a press release on the PIB on 31st January 2023.