In a positive turn of events, the Ministry of Finance revealed that the GST collection in January 2023 is at a record high, nearly Rs. 1.56 crores.
This is a 24% increase in GST as compared to the same time period last year.
Highest Ever GST Collection Made in January 2023
According to the Ministry of Finance on Tuesday, India’s January 2023 GST collection was close to Rs 1.56 lakh crore, which was the second-highest amount ever and a 24% increase over the same month last year.
In FY23, the GST collection amount surpassed Rs 1.5 trillion for the third time.
In April 2022, the GST collection reached its all-time high of Rs. 1.68 lakh crore.
As per the Ministry of Finance, “The gross GST revenue collected in the month of January 2023 till 5:00 PM on January 31, 2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods).”
Initiatives Taken To Broaden Tax Base And Improve Compliance
The government made a regular settlement of Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST. After regular settlement, the combined revenue for the month of January 2023 for the CGST and the SGST is Rs 67,470 crore and Rs 69,354 crore, respectively.
As per the ministry, numerous initiatives to broaden the tax base and enhance compliance have been undertaken over the past year. The percentage of GST returns (GSTR-3B) and statements of invoices (GSTR-1) submitted by the end of the month have increased over time.
Compared to 2.19 crore in the same quarter last year, 2.42 crore GST returns were submitted in the October to December 2022 quarter as of the end of the following month. This is because several policy changes were made throughout the year to increase compliance, it was added.
