India's GST Collections Hit Record High in April 2023
India's Gross Goods and Services Tax (GST) collections reached a new milestone in April 2023, achieving a record high of Rs 2.10 lakh crore. This represents a significant 12.4% growth compared to the same period in the previous year. After accounting for refunds, the net GST revenue for April stood at an impressive Rs 1.92 lakh crore, reflecting a 17.1% increase year-on-year.
The robust growth in GST revenue is attributed to a substantial rise in both domestic transactions (up 13.4%) and imports (up 8.3%). This positive trend indicates a healthy economic recovery and increased consumer spending.
The Ministry of Finance provided a detailed breakdown of the revenue collected. Central Goods and Services Tax (CGST) amounted to Rs 43,846 crore, while State Goods and Services Tax (SGST) reached Rs 53,538 crore. Integrated Goods and Services Tax (IGST) stood at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, cess collections amounted to Rs 13,260 crore, encompassing Rs 1,008 crore collected on imported goods.
In April, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST.
Among the states, Maharashtra, Karnataka, Uttar Pradesh, Gujarat, and Delhi witnessed notable growth in GST collections, ranging from 9% to 23%. However, some states experienced a decline, including Jammu and Kashmir (-2%), Sikkim (-5%), Arunachal Pradesh (-16%), Nagaland (-3%), Meghalaya (-2%), Lakshadweep (-57%), and Andaman and Nicobar Islands (-30%).