GST collection for April rises to highest-ever mark of Rs 1.87 lakh crore

GST collection for the month of April rose to a record high of Rs 1.87 lakh crore as the Income Tax department received 12 per cent more GST in April on a year-on-year basis. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which central GST is Rs 38,440 crore, state GST is Rs 47,412 crore, integrated GST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods), and cess is Rs 12,025 crore, the Finance Ministry said in a statement.

The previous high collection of Rs 1.68 lakh crore was in April last year. However, on a month-on-month basis, the GST collection jumped from Rs 1.601 lakh crore to Rs 1.870 lakh crore. 

"The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said.

During the month, the revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year.

The total gross collection for the 2022-23 fiscal stood at Rs 18.10 lakh crore, 22 per cent higher than the previous year.

Ajay Singh, President, ASSOCHAM, said on the record collection of GST: "Highest ever GST collection of Rs 1.87 lakh crore in April marks an excellent beginning of FY24 . The GST numbers are indicative of robust growth of the Indian economy, on the back of a strong pick up in consumer demand."

After the ministry released the GST figures, Aditi Nayar, Chief Economist, Head, Research & Outreach, ICRA Ltd., said: "GST collections displayed a robust year-end uptick with a 12% expansion in April 2023, representing the transactions in March 2023. While collections have maintained a healthy 11-13% growth in the recent months, a normalising base and some cooling of inflation may moderate the pace of expansion slightly in the coming quarter, although it would remain in the high single digits."