The Goods and Service Tax collection in India increased from previous year to rank second in terms of collection, according to charts and graphs released by the Ministry of Finance.
Great news for the Indian economy!, the prime minister Narendra Modi tweeted after sharing the information. The fact that tax collections are increasing despite reduced tax rates demonstrates how well the GST has boosted compliance and integration.
In a tweet highlighting the trend of increasing tax collection, the Ministry of Finance said, “#GST revenue collection for April 2023 highest ever at 1.87 lakh crore.” Gross #GST collection reached an all-time high in April 2023 and was $19,495 billion more than the next-highest collection of $1,67,540 billion in April 2022.
“#GST revenues for April 2023 are 12% higher than the GST revenues Y-o-Y,” reads another tweet. On April 20, 2023, 9.8 lakh transactions totaled 68,228 crore, the highest amount of tax ever collected in a single day.
The data was also shared by Minister of Commerce and Industry Piyush Goyal, who stated, “It is a mirror of India’s consistent economic growth and resilience.”
Media sources claim that as compared to the same source in the same month last year, domestic transaction revenues are 16% higher.
Additionally, it is claimed that the gross GST collection has now surpassed the Rs. 1.75 trillion mark for the first time.
