The government’s revenue from goods and services tax (GST) surged by 12 per cent year-on-year to hit a record high of Rs 1.87 lakh crore in April, led by robust jump in collections in states like Karnataka, Maharashtra, Uttar Pradesh and Haryana, union finance ministry data showed.
The gross GST collection in April 2023 is Rs 19,495 crore more than the next highest collection of Rs 1,67,540 lakh crore recorded in April 2022.
April GST collections include, CGST (central goods and services tax) at Rs 38,440 crore; SGST (state goods and services tax) at Rs 47,412 crore; IGST (integrated goods and services tax) at Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore (including Rs 901 crore collected on import of goods).
GST collection in Karnataka surged to Rs 14,593 crore in April 2023 from Rs 11,820 crore recorded in the same month last year, registering an increase of 23 per cent.
Collections in Maharashtra surged by 21 per cent year-on-year to Rs 33,196 crore in April. In Uttar Pradesh, it jumped by 21 per cent to Rs 10,320 crore. In Haryana, the GST mop-up jumped by 22 per cent year-on-year to Rs 10,035 crore.
However, the growth in GST mop-up was sluggish in Gujarat, Delhi, Rajasthan and Odisha.
For the first time gross GST collection has crossed Rs 1.75 lakh crore mark. Total number of e-way bills generated in the month of March 2023 was 9 crore, which is 11 per cent higher than 8.1 crore e-way bills generated in the month of February 2023.
“The GST numbers are indicative of robust growth of the Indian economy, on the back of a strong pick-up in consumer demand,” said Ajay Singh, President of industry body ASSOCHAM.
The highest ever single-day GST tax collection was recorded on April 20, 2023, when the mop-up stood at Rs 68,228 crore paid through 9. 8 lakh transactions. The highest single day payment last year (on the same date) was Rs 57,846 crore through 9.6 lakh transactions.
The union finance ministry said, the central government settled Rs 45,864 crore to CGST and Rs 37,959 crore to SGST from IGST during the month of April. The total revenue of the centre and the states in the month of April 2023 after regular settlement is Rs 84,304 crore for CGST and Rs 85,371 crore for the SGST.
“While collections have maintained a healthy 11-13 per cent growth in the recent months, a normalising base and some cooling of inflation may moderate the pace of expansion slightly in the coming quarter, although it would remain in the high single digits,” said Aditi Nayar, chief economist at ICRA.