GST Collection in January

February 1, 2023

The GST collection has been increasing in recent times. The three main reasons for the hike in GST collection are decisions made by GST Council, changes made in tax collection, and rising inflation. The highest GST Collection was achieved in the month of April 2022. GoI collected Rs 1.68 lakh crores GST in that month. The January 2023 GST Collection is now the second highest. In Jan 2023, the GST collected was Rs 1.55 lakh crores. This is the third time GST collection crossed Rs 1.5 lakh crores.

January 2023 GST Collection

CGST of Jan 2023: Rs 28,963 crores
SGST: Rs. 36,730 crores
IGST: Rs 79,599 crores

The GST from imported goods is Rs 37,118 crores. This is included in the IGST figures given above. GST Cess collected is Rs 10,630 crores.

Observations

The revenue collected is 24% higher than that collected in January 2022
Revenue collected on imports is 29% higher than in January 2022
Domestic transactions are 22% higher than in January 2022

Why the increase?

The GST Council increased the tax bases in 2022. Also, tax compliance was increased. The number of GST filings increased in 2022. Also, the statement of invoices GSTR-1 and the GST returns GSTR-3B increased. This happened because of policy changes.

« Previous PostNext Post »