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According to the 2023-24 Budget, the Centre anticipates GST collections to increase by 12% in the current fiscal year.
Digital Desk: According to figures
issued by the Union Finance Ministry on May 1, the government received a record
Rs 1.87 lakh crore in Goods and Services Tax (GST) in April.
color:black">The GST collected in April was an all-time high by a wide margin,
at Rs 1.87 lakh crore. The previous high was Rs 1.68 lakh crore, which was
collected in April 2022.
color:black">The GST collected last month was 11.6 percent higher than in April
2022. The most recent GST collecting data is up 16.8 percent from March 2023.
The total was Rs 38,440
crore for Central GST, Rs 47,412 crore for State GST, Rs 89,158 crore for
Integrated GST, and Rs 12,025 crore for compensatory cess.
color:black">The government settled Rs 45,864 crore to the Central GST and Rs
37,959 crore to the State GST from the Integrated GST in April. As a result,
the total revenue for the month after settlement for the Centre was Rs 84,304
crore and Rs 85,371 crore for State GST.
color:black">According to the 2023-24 Budget, the Centre anticipates GST
collections to increase by 12% in the current fiscal year.
color:black">The Centre anticipates a 12% increase in GST collections in
2023-24.
According to the finance
ministry, April 20 witnessed the highest-ever tax collection on a single day.
color:black">"On April 20, 2023, Rs 68,228 crore was paid in 9.8 lakh
transactions." Last year (on the same date), the largest single day
payment was Rs 57,846 crore with 9.6 lakh transactions, according to the
government.
GST receipts in April were
much greater than expected. Collections are often greater in the first month of
a fiscal year. In fact, since the implementation of the GST in July 2017, April
collections had reached a new high. The lone exception is April 2020, when the
economy was reeling from the coronavirus outbreak and was under lockdown across
the country.
color:black">"The record GST collections relate to transactions in March,
the final month of fiscal year 2022-23, when all organisations would have been
eager to end the fiscal year on a high note," said MS Mani, Partner,
Deloitte India.
"This comes on the
heels of monthly GST collections exceeding Rs 1.4 lakh crore in 2022-23, and
thus is a testament to the good economic growth and increased efforts aimed at
improving compliance." "The majority of large states have reported 20
percent or higher growth over the same period last year, indicating broad-based
growth across sectors and states," Mani noted.
color:black">While many states saw 20 percent or more growth in GST collections
in April, as many as 14 states and union territories saw revenue growth of less
than 14 percent. These include Chandigarh (2%), Odisha (3%), Gujarat (4%),
Andaman and Nicobar Islands (5%), Dadra and Nagar Haveli and Daman and Diu
(5%), Rajasthan (5%), Andhra Pradesh (6%), Meghalaya (6%), Puducherry (6%),
Delhi (8%), Bihar (11%), and Kerala (12%). Lakshadweep had the lowest numbers,
with receipts falling by 7% compared to the same month last year.
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