GST collection crosses Rs1.50 lakh crore for the third time in FY23 in January
01 Jan 2023
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Gross collection of revenue by way of Goods and Services Tax (GST) collected in January 2023 (till 5:00 PM on 31 January).stood at Rs1,55,922 crore.
This included CGST of Rs28,963 crore, SGST of Rs36,730 crore, IGST of Rs79,599 crore (including Rs37,118 crore collected on import of goods) and cess of Rs10,630 crore (including Rs768 crore collected on import of goods).
The government has adjusted Rs38,507 crore towards CGST and Rs32,624 crore towards SGST from IGST as regular settlement. The total revenue of the centre and the states in January 2023, after regular settlement, is Rs67,470 crore for CGST and Rs69,354 crore for SGST.
The revenues in the current financial year up to January 2023 are 24 per cent higher than the GST revenues during the same period last year. The revenues for this period from import of goods are 29 per cent higher and from domestic transaction (including import of services) are 22 per cent higher than the revenues from these sources for the same period last year.
This is for the third time in the current financial year that GST collection has crossed Rs1.50 lakh crore mark. GST collection in January 2023 is the second highest, after the collection reported in April 2022. During December 2022, 83 million e-way bills were generated, which is the highest so far and significantly higher than the 79 million e-way bills generated in November 2022.
During last year, the government made various efforts 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 the years. The trend in return filing in the October-December quarter has been evident over the last few years. In the October-December 2022 quarter, a total 24.2 million GST returns were filed till end of next month as compared to 21.9 million in the same quarter in the previous year.
The finance ministry attributes this to various policy changes introduced during the course of the year to improve compliance.
