Record-Breaking GST Collection, 1.87 Lakh Crore Is The Height
The government has recently shared the data regarding the Goods and Services Tax (GST) collection. Breaking all the records GST collection for April in the financial year 2023-2024 stands at 1.87 Lakh Crore. This figure is at an all-time high since the introduction of GST into the system, as Government says.
The previous highest gross GST collection for a month was recorded in April month itself in the financial year 2022-2023. However, that has also been offset by the collection for April in the financial year 2022-2023.
GST collection in April 2023 exceeds the previously recorded highest collection in April 2022 by 19,495 Crore rupees. This implies a 12% higher collection in April 2023 than in April 2022.
The previous record for the highest single-day GST collection has also broken on April 20, 2023. The Central Government has collected a whopping amount that equals 68,228 Crore rupees making it the highest-ever collection for a single day.
The Press Information Bureau of Government has made its statement about a 12% hike in the Goods and Services Tax last month as compared to the previous record that was set in the same month last year.
The data released by the government also shows a more than 10 percent increase in the collection of GST every month since January 2023. There is an increase in the revenue collection from domestic transactions (including imports) also. The revenue collected during April in the current year exceeds the revenue collected from the same sources in April month for the previous year.
As far as the states are concerned, Sikkim has registered the highest growth rate in the GST collection with a collection of 61% higher GST collection in April 2023 as compared to the collection in the same month of the previous year. The Goods and Services Tax collection in the state of Sikkim stood as high as 426 Crore rupees in April 2023, while, the GST in the same month of the previous year was 264 Crore rupees.
Although Sikkim has the highest GST collection growth rates among all the states in the country. The collection is very less in Sikkim when compared to the same in other states in India like Uttar Pradesh, Karnataka, Haryana, etc. because of its small population.
While Sikkim has the highest growth rate, Maharashtra has the highest collection among all the states. The GST collection by Maharashtra in April stands at 33,196 Crore which is far higher than other states of the country. The state has shown a growth rate of 21 percent in April 2023, compared with the collection of April 2022.
Gujarat has shown a growth rate of 4 percent in the GST collection. Haryana and Uttar Pradesh have a rise in GST collection by 22 and 21 percent respectively. Karnataka and Tamil Nadu have shown an increase of 23 and 19 percent respectively.
Since January 2023, each month has recorded more GST collection than the collection in the same month in the previous year.