PM Modi took to share his message on the the highest ever GST revenue collection numbers
PM Modi took to share his message on the the highest ever GST revenue collection numbers
Prime Minister Narendra Modi on Monday lauded the GST revenue collection for the month of April as a 'great news for the Indian economy'. The GST revenue figures grew by 12 over the last year while also touching the highest-ever monthly revenue of ₹1.87 lakh crore. This is the first time GST collection has crossed the ₹1.75 lakh crore mark. Additionally, the gross GST collection for the fiscal year 2022-23 was 22 percent higher than the last fiscal year at ₹18.10 lakh crore.
In a tweet on Monday, the Prime Minister wrote, "Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance."
Also Read: GST revenue collection for April 2023 highest ever at ₹1.87 lakh crore
April 2023 also saw the highest-ever tax collected in a single day with ₹68,228 crore being collected through 9.8 lakh transactions on April 20. The highest single-day payment last year (on the same date) was ₹57,846 crore through 9.6 lakh transactions.
The gross GST revenue collected in the month of April, 2023 is ₹1,87,035 crore of which CGST is ₹38,440 crore, SGST is ₹47,412 crore, IGST is ₹89,158 crore (including ₹34,972 crore collected on import of goods) and cess is Rs12,025 crore (including ₹901 crore collected on import of goods).
During the month of April, the central government settled ₹45,864 crore to CGST and ₹37,959 crore to SGST from IGST. After the regulatory settlement, the total revenue of Centre and the States in the month of April 2023 is ₹84,304 crore for CGST and ₹85,371 crore for the SGST.
In April, the GST revenue from domestic transactions, which includes the import of services, was 16% higher compared to the revenues generated from these sources in the same month of the previous year.