GST Revenue At Record High For April 2023

New Delhi: With over Rs 1 lakh 87 thousand crores, the gross Goods and Services Tax, or GST, revenue collected in April of this year was the highest ever. Out of the overall income, the Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST), Integrated Goods and Service Tax (IGST), and Cess account for 38,440 crore, 47,412 crore, 89,158 crore, and over 12,000 crore, respectively.

According to the Finance Ministry, April 2023’s revenue was 12% greater than the same month in the previous year’s GST revenue. According to the report, the total GST revenue has now exceeded Rs 1 lakh 75 thousand crore for the first time.

Domestic transaction revenues for the month are 16% higher than they were for similar sources for the same month last year.

The highest-ever GST collection received praise from Prime Minister Narendra Modi. “Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance,” PM Modi tweeted.

Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance. https://t.co/xf1nfN9hrG

— Narendra Modi (@narendramodi) May 1, 2023