The Ministry of Finance on Tuesday reported its second-highest Goods & Service Tax (GST) revenue collection in during the month of January 2023. The total GST collection in January 2023 stood at Rs 1.56 lakh crore, surpassed only by collections in April 2022.
The total amount collected by 5 PM on January 31st, 2023 reached Rs 1,55,922 crore, with Rs 28,963 crore in Central GST (CGST), Rs 36,730 crore in State GST (SGST), Rs 79,599 crore in Integrated GST (IGST) including Rs 37,118 crore collected on the import of goods, and Rs 10,630 crore in cess including Rs 768 crore collected on the import of goods, the Ministry of Finance noted in a press release.
The government has settled Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST, resulting in a total revenue of Rs 67,470 crore for CGST and Rs 69,354 crore for SGST. The revenues from this period in the current financial year are 24% higher than the same period last year, with a 29% increase in revenues from the import of goods and a 22% increase in revenues from domestic transactions including the import of services.
This marks the third time in the current financial year that the GST collection has exceeded the Rs 1.50 lakh crore mark, with January 2023 being the second highest collection period, surpassed only by April 2022. In December 2022, a record 8.3 crore e-way bills were generated, significantly higher than the 7.9 crore generated in November 2022.
To improve tax compliance and increase the tax base, various efforts have been made over the past year. The percentage of GST returns (GSTR-3B) and statement of invoices (GSTR-1) filed by the end of the month has improved significantly, as shown in the accompanying graph. In the Oct-Dec quarter of 2022, a total of 2.42 crore GST returns were filed compared to 2.19 crore in the same quarter of the previous year
