GST collections expected to break all records in April 2023

According to sources, GST collection in the month of April 2023 are expected to break all previous records. More than 9 crore E-way bill generation has been registered in the month of March, which is the highest ever. Also, due to strictness in compliance and being the last month of the financial year, the expectation of bumper collection has increased.

Record 1.67 lakh crore collection recorded in April last year and at that time around 7.81 crore E-way bills were generated in March.

The Indian government had seen a collection of Rs 1,60,122 crore as gross GST (goods and services tax) revenue for the month of March 2023. This is the second-highest collection ever, next only to the collection in April 2022. The monthly GST revenue collections had stayed more than Rs 1.4 lakh crore for the 12 months in a row in FY23.

In a bid to increase its tax base and catch tax avoiders, the GST department in March also announced that it will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base.

The Ministry of Finance shall declare the GST collections for the month of April 2023 on 1st May 2023.

Also read: The Indian government just let go Rs 7 lakh in GST to save a child’s life