GST Revenue Collection Sets New High in April of Rs.1.87 Trillion
May 2, 2023: In a major boost to the Indian economy, the Goods and Services Tax (GST) revenue collection has set a new high in April, reaching Rs. 1.87 trillion. This marks the highest monthly revenue collection since the introduction of GST in India in 2017.
The GST revenue collection in April 2023 is 18% higher than the GST revenue collected in April 2022, which stood at Rs. 1.58 trillion.
The strong growth in revenue collection can be attributed to a combination of factors, including the revival of economic activity, higher compliance by taxpayers, and better enforcement measures by the GST authorities.
In a statement, the Ministry of Finance said, “The gross GST revenue collected in the month of April 2023 is Rs. 1,87,205 crore, which is the highest ever since the implementation of the GST.
This has been the result of the combined efforts of the Central and State Governments, taxpayers and GST authorities.”
The GST revenue collection in April 2023 is also higher than the average monthly collection for the financial year 2022-23, which stood at Rs. 1.3 trillion.
The government expects the GST revenue collection to remain strong in the coming months, as the economy continues to recover from the impact of the COVID-19 pandemic.
The Finance Minister, Nirmala Sitharaman, has welcomed the record GST revenue collection, calling it a positive sign for the Indian economy.
She said, “The record GST collection in April is a reflection of the revival of economic activity in the country.
It is a testament to the resilience of the Indian economy, and we are confident that this trend will continue in the coming months.”
The government plans to use the increased revenue collection to boost infrastructure development, healthcare, and other key sectors of the economy.
The strong GST revenue collection is expected to help the government meet its fiscal deficit targets and support the country’s economic growth in the coming years.
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