India saw its second highest GST collection in January 2023 at nearly Rs 1.56 lakh crore, according to the Ministry of Finance on Tuesday, a 24% increase from year-ago period. The GST collection crossed 1.5 lakh crore-mark for the third time in FY 23.
In April 2022, the highest GST collection was Rs 1.68 lakh crore.
In the month of January 2023 to 5: 00 PM on January 31, 2023, the gross GST revenue is Rs 1,55, 922 crores of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore and IGST is Rs 10,630 crore, with Rs 768 crore collected on import of goods, according to the Ministry of Finance.
The government has settled 38,507 crore to CGST and 32,624 crore to SGST from IGST as regular settlement. The total revenue of Centre and states in the month of January 2023 after regular settlement is Rs 67,470 crore for CGST and Rs 69,354 crore for the SGST.
The revenues in the current financial year up to January 2023 are 24% higher than the GST revenues during the same period last year.
Various efforts have been made to increase the tax base and improve compliance over the last year. The ministry said that the number of GST returns GSTR 3 B and the statement of invoices GSTR 1 have increased significantly over the past few years.
In the October-December 2022 quarter, a total of 2.42 crore GST returns were filed until the end of the next month, compared to 2.19 crore in the same quarter last year. It said that policy changes were introduced during the year to improve compliance.