GST collections surge 12% in April to touch record high of Rs 1.87 lakh crore – Times of India
The mop-up in April was based on transactions in March. All segments, barring integrated GST on imports, recorded the highest level since the new levy kicked in from July 2017, latest data released by the finance ministry on Monday showed. The previous high of Rs 1,67,540 crore was recorded exactly a year ago. Typically, March generates the maximum sales for companies given the year-end rush to meet targets.
“Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance,” PM Modi said. The collections from domestic sales, which are estimated to have grown 16%, more than made up for the 8.8% rise in integrated GST.
Collection of goods and services tax rose 11.6% in April to a record high of Rs 1,87,035 crore.
The collections from domestic sales, which are estimated to have grown 16%, according to the finance ministry, more than made up for the 8.8% rise in integrated GST, which was impacted by the levy on imports, which fell 4.8% on account of a lower value of shipments coming into the country. Goods imports have declined in recent months as prices of several commodities have moderated.
“The record GST collections relate to the transactions during March 2023, the closing month of FY23, where all organisations would have been keen to close the fiscal year on a high note. This comes on the back of the month GST collections crossing Rs 1.4 lakh crore continuously during FY23 and hence is a testimony to the good economic growth and the enhanced efforts aimed at improving compliances,” said M S Mani, partner at consulting firm Deloitte India.
In April, smaller states and Union Territories reported higher growth with Sikkim registering highest increase of 61%, followed by Mizoram (53%), J&K (44%), Ladakh (43%) and Goa & Manipur (32% each). Some of the larger ones too didn’t fare badly either as MP (28%), Karnataka (23%), Maharashtra & UP (21% each) and Tamil Nadu (19%) grew faster than the national average. Odisha (3%), Gujarat (4%), Rajasthan (5%), Andhra Pradesh (6%) and Delhi (8%) were among the laggards.
The finance ministry said that April 20 saw the highest-ever tax collection on a single day Rs 68,228 crore through 9.8 lakh transactions, eclipsing the previous record of Rs 57,846 crore through 9.6 lakh transactions on the same day last year.