The GST collection in January increased to over Rs 1.55 lakh crore, the second-highest mop-up ever, next only to the Rs.1.68 lakh crore gross collection in April 2022.
The revenues in the current financial year up to January 2023 are 24 percent higher than the GST revenues during the same period last year.This is for the third time, in the current financial year that GST collection has crossed Rs 1.50 trillion mark.
In the October-December 2022 quarter, a total of 2.42 crore GST returns were filed till the end of the next month compared to 2.19 crore in the same quarter of the last year. This is due to various policy changes introduced during the course of the year to improve compliance.
Gross GST revenues collected in January till 5 p.m. on Tuesday stood at ₹1,55,922 crore, of which Central GST accounted for ₹28,963 crore, State GST for ₹36,730 crore, and Integrated GST of ₹79,599 crore (including ₹37,118 crore collected on import of goods). GST Compensation Cess yielded ₹10,630 crore, including ₹768 crore on import of goods.
The Ministry stated that, the Government has settled ₹38,507 crore to Central GST (CGST) and ₹32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is ₹67,470 crore for CGST and ₹69,354 crore for the SGST
“With the Economic Survey 22-23 indicating that the taxpayer numbers have almost doubled from the initial 2017 numbers, it seems that such high GST collections can be expected to be normal for the coming months,” said Abhishek Jain, partner indirect tax at KPMG.
