The total collection of Goods and Services Tax (GST) in the year 2022-23 of ₹2.1 billion crores in April was unprecedented as it witnessed an extraordinary growth of 12.4% year on year basis from the amount of ₹1.87 lakh crore collected in the same month in the previous year. Funding the surge in revenues was definitely because of the completion of in-house compliances, which was the main factor contributing to the overall increase.
Net sales tax receipts for April amounted to around ₹1.92 lakh crore, which was an impressive measure of increase by 17.1% compared to a collection in April of the previous year. The Ministry of Finance highlighted 13.4 percent growth contributions from the domestic transaction area and 8.3 percent of the indirect tax collection indices from the import of goods. This led the GST inflows to surpass the milestone above ₹2 lakh crore.
The excise taxes contributed to the GST Compensation Fund also touched the new highest record of ₹13,252 crores, of which total ₹1008 crores were paid on the imported items alone. Such tax, meaning put on the selected items such as vehicles and cigarettes, seeks to fill up the states’ losses during the shift to the GST regime.
However, in some states, revenue contraction was reported by the Finance Ministry; nonetheless, some categories showed good performance, including CGST, where the revenue was ₹43,846 crores, SGST inflows came up to ₹53,538 crores, and IGST, which showed inflows of ₹99,623 crores.
The revenue stint of GST, which has run an exceptional record, mirrors the greatness of India’s tax system and boosts confidence in India’s economy.
