In April 2023, the Indian government achieved a record-breaking gross Goods and Service Tax (GST) revenue of INR 1.87 trillion ($22.88 billion), which is the highest ever since the introduction of the landmark indirect tax reform in 2017. This amount is 12% higher than the GST revenue collected last year and 16.8% higher than the previous month.
The Central GST (CGST) contributed INR 38.4 billion, the state GST added INR 47 billion, and the Integrated Goods and Services Tax (IGST) contributed INR 12 billion, including INR 9 billion from the import of goods. From the IGST collection, the government allocated INR 45.8 billion to CGST and INR 37.9 billion to state GST.
After the regular settlement, the Centre and the states’ total revenue for April 2023 is INR 84.3 billion for CGST and INR 85.3 billion for state GST. The Finance Ministry said that the highest tax collection on a single day was INR 68 billion, which occurred on April 20th, 2023.
This amount was collected through 9,80,000 transactions, while the highest single-day payment last year was INR 57 billion through 9,60,000 transactions, indicating a 19.3% increase in transaction volume.
In March 2023, 90 million e-way bills were generated, which is an 11% increase from the 81 million e-way bills generated in February 2023. Assocham President Ajay Singh expressed his optimism towards the latest GST numbers and remarked that the highest-ever collection in April represents a promising start for the fiscal year 2023-24.
He added that the record GST collections indicate a robust growth of the Indian economy, supported by a strong increase in consumer demand. GST was implemented on July 1, 2017, as a consolidation of multiple indirect taxes.
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