The coffers of the government are full in June, 2023. India’s Gross Goods and Services Tax (GST) revenue collection stood at Rs 1,61,497 crore. On year-on-year basis, there has been a growth of 12% in it. Let us tell you that in May 2023, the figure of GST collection was Rs 1,57,090 crore. Compared to the previous month, that is, it has been Rs 4,407 crore more than the previous month.
The highest GST collection happened in April 2023
Explain that after the implementation of GST in the country, the highest GST collection of Rs 1.87 lakh crore was done in this April, 2023. The average monthly GST collection in the financial year 2021-22 was Rs 1.10 lakh crore, while in the financial year 2022-23 it was an average of Rs 1.51 lakh crore. At the same time, the average collection in the first quarter of 2023-24 has been Rs 1.69 lakh crore.
What is the share of Central and State GST?
According to the data presented by the government, out of the total GST collection in June 2023, Central GST (CGST) includes Rs 31,013 crore and State GST (SGST) Rs 38,292 crore. If we look at the monthly GST revenue data, it has remained above Rs 1.4 lakh crore for 16 consecutive months.
How was GST collection in 2022-23?
The total GST collection in the financial year 2022-23 stood at Rs 18.10 lakh crore. If we look at the average of GST collection every month, it has been Rs 1.51 lakh crore. On the other hand, the gross revenue of GST in 2022-23 has been 22 percent more than the previous financial year i.e. 2021-22. Explain that on July 1, 2017, the Goods and Services Tax (GST) was implemented in place of the old indirect tax regime.
What is GST?
Whenever we buy any goods or take service, we have to pay tax in return. This is called Goods and Services Tax or GST. Earlier this tax system was different in different states, but then it was made uniform for each state. Now in any corner of the country, the same amount of tax has to be paid for a commodity, as it has to be paid in other states. Explain that till April 1, 2018, the number of registered taxpayers in the country enrolled in GST was 1.03 crore, which has increased to 1.36 crore by April 1, 2023.
