Indian Economy News

GST collection hits an all-time high of US$ 22.9 billion (Rs. 1.87 trillion) in April 2023

According to data released by the Ministry of Finance, India's goods and services tax (GST) collection in April 2023 increased 12% year-on-year to reach an all-time high of US$ 22.9 billion (Rs. 1.87 trillion). The strong mop-up was primarily driven by increased year-end sales, data analytics that improved compliance, and sustained economic growth.

The previous highest collection was US$ 20.5 billion (Rs. 1.68 trillion) in April last year, while the mop-up stood at US$ 19.6 billion (Rs. 1.60 trillion) in March this year.

April 2023 also saw the highest-ever tax collection on a single day. "On April 20, 2023, US$ 8.3 billion (Rs. 68,228 crore) was paid through 9.8 lakh transactions," the ministry stated in a release.

Of the gross GST collection, Central GST stood at US$ 4.7 billion (Rs. 38,440 crore), SGST at US$ 5.8 billion (Rs. 47,412 crore), IGST at US$ 10.9 billion (Rs. 89,158 crore) (including US$ 4.2 billion (Rs. 34,972 crore) collected on import of goods), and cess at US$ 1.5 billion (Rs. 12,025 crore), according to the data.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.