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Dear Professional Colleagues,

Greetings of the Day !


Ministry of Finance had issued a Press release dated January 31, 2023, regarding gross GST revenue.

Highlights

The gross GST revenue collected in the month of January 2023 is Rs 1,55,922 crore of which

    • CGST is  28,963 crore,
    • SGST is  36,730 crore,
    • IGST is  79599 crore (including  37.118 crores collected on import of goods) and
    • Cess is  10630 crore (including  768 crores collected on import of goods).
    • Monthly GST revenues more than Rs 1.4 lakh crore for 11 straight months in a row
  • Second highest collection ever, next only to the Rs 1.68 lakh crore gross collection in April 2022
  • GST collection crosses Rs 1.50 lakh crore mark for the third time in FY2022-23

 

The Government has settled Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of January 2023 is Rs 67,470 crore for CGST and Rs 69,354 crore for the SGST.

 

The revenues for the month of January are 24% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 29% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year. During the month of December 2022, 8.3 crore e-way bills were generated, which was significantly higher than 7.9 crore e-way bills generated in November 2022.

 

This is for the third time, in the current financial year, GST collection has crossed Rs 1.50 lakh crore mark. The GST collection in January 2023 is the second highest next only to the collection reported in April 2022.

 

Over the last year, various efforts have been made to increase the tax base and improve compliance. The percentage of filing of GST returns (GSTR-3B) and of the statement of invoices (GSTR-1), till the end of the month, has improved significantly over years. The trend in return filing in the Oct-Dec quarter over last few years is as shown in the graph below. In the quarter Oct-Dec 2022, total of 2.42 crore GST returns were filed till end of next month as compared to 2.19 crore in the same quarter in the last year.

 

This is due to various policy changes introduced during the course of the year to improve compliance

/campaigns/org60016840476/sitesapi/files/images/60016802894/image005.jpg  The chart below shows trends in monthly gross GST revenues during the current year.  

/campaigns/org60016840476/sitesapi/files/images/60016802894/image001.png  

Hope you find it interesting and useful to read.

For any clarification/ feedback, feel free to write us at amrg@amrg.in.


Best regards,

AMRG Team


   


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