GST Collection Break all earlier collection records in 2023

GST Collection have break all the earlier collection records in April 2023

• GST collection in April 2023 is expected to break all previous records. More than 9 crore E-way bills were generated in March, which is the highest number ever. Moreover Because of the strictness of compliance and the fact that it is the last month of the financial year, the expectation of a substantial collection has grown. A record 1.67 lakh crore collection was achieved in April of last year, and around 7.81 crore E-way bills were generated at the time.
• In March 2023, the Govt expects to receive Rs 1,60,122 crore in gross GST revenue. This is the second-highest collection ever, trailing only the collection from April 2022. For the 12th consecutive month, monthly GST revenue collections exceeded Rs 1.4 lakh crore in FY23.

• GST Dept declared in the month of March 2023 That, GST dept will soon begin analyzing Income tax return filed of businesses and professionals, Same will be check with MCA filings to determine whether the entities are adequately discharging their GST Tax liability to catch tax evaders.

Goods and Services Tax collections jump 15% to INR 1.68 trillion in Nov 2023 : Finance Ministry

• Goods and Services Tax revenue collected in the month of Nov 2023 is INR 1,67,929 Cr out of which Central Goods and Services Tax is INR 30,420 Cr, State Goods and Services Tax is INR 38,226 Cr, Integrated Goods and Services Tax. is INR 87,009 Cr (including INR 39,198 Cr collected on import of goods) and Cess is INR 12,274 Cr (including INR 1,036 Cr collected on import of goods).
• RJA Partner Swatantra Kumar Singh said It is the 6^th time that Gross Goods and Services Tax collection has crossed the Rs 1.60 lakh crore mark in the current fiscal year,
• higher Goods and Services Tax revenues are primarily due to increased domestic activity, Festive season previous month & increased tax administration. Increased Goods and Services Tax collections in Mizoram, Tripura, Ladakh, Arunachal Pradesh, Nagaland, etc indicate a rise in consumption in these parts of the country, Swatantra Kumar singh added.
• No can be said to be an indicator of a stable Indian economy as we see a 20% increase in domestic transactions compared to same month previous year,” RJA Partner Swatantra Kumar singh said.

GST Milestones

• The number of registered taxpayers has increased to 1.4 crore from 65 lakh in the first phase, a notable over 100% rise in the last six years. In the first year of the GST in 2017–18, monthly revenue was approximately Rs 0.9 lakh crore; by November 2023, average collection was Rs 1.66 lakh crore.
• Gross Goods and Services Tax Revenue collected in the month of Dec, 2023 is Rs. 1,64,882 Cr out of which Central goods and services tax is Rs. 30,443 Cr, State Goods and services tax is Rs. 37,935 Cr, Integrated Goods and Services Tax is Rs. 84,255 Cr (including Rs. 41,534 Cr collected on import of goods) & Cess is Rs. 12,249 Cr (including Rs. 1,079 Cr collected on import of goods).

 

Gross GST Collection from FY 2017-18 (July 17 to March 18) to FY 2024-25 (till November, 2024)