• 01 Feb 2023 07:01 PM
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GST collection at ₹1.55 lakh cr in Jan, second highest-ever

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The GST collection for January 2023 has reached over the ₹1.50 lakh crore mark for the third time this financial year, and is only second to the highest collection of ₹1.68 lakh crore in April 2022

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This is for the third time, in the current financial year, GST collection has crossed ₹1.50 lakh crore mark (MINT_PRINT)

The GST collection for January 2023 has reached over the ₹1.50 lakh crore mark for the third time this financial year, and is only second to the highest collection of ₹1.68 lakh crore in April 2022

A recent statement by the finance ministry said that the Goods and Services Tax (GST) collection in January 2023 saw a significant increase, reaching over ₹1.55 lakh crore. This marks the second highest-ever mop-up for the GST collection and demonstrates a growth in the country's economy. The revenues for the current financial year up to January 2023 are 24% higher than the GST revenues during the same period last year.

The ministry provided a detailed breakdown of the gross GST revenue collected in January 2023. The total amount collected was ₹1,55,922 crore, including ₹28,963 crore in Central GST (CGST), ₹36,730 crore in State GST (SGST), ₹79,599 crore in Integrated GST (IGST) and ₹10,630 crore in cess. The IGST collection also included ₹37,118 crore collected on the import of goods and the cess collection included ₹768 crore collected on the import of goods. The increase in GST collection is a positive sign for the Indian economy and shows the growth of the country's tax system.

The GST collection for January 2023 has reached over the ₹1.50 lakh crore mark for the third time this financial year, and is only second to the highest collection of ₹1.68 lakh crore in April 2022. The Ministry attributes this success to the various efforts made in the last year to increase the tax base and improve compliance.

According to the Ministry, the number of GST returns (GSTR-3B) and the statement of invoices (GSTR-1) filed by the end of the month has seen a significant increase in recent years.

"Over the last year, various efforts have been made to increase the tax base and improve compliance. The percentage of filing of GST returns (GSTR-3B) and of the statement of invoices (GSTR-1), till the end of the month, has improved significantly over years," the ministry said.

In the October-December 2022 quarter, a total of 2.42 crore GST returns were filed compared to 2.19 crore in the same quarter of the previous year. This improvement in compliance is a result of various policy changes introduced throughout the year.