Ajit Karn
According to the announcement made by the Ministry of Finance on Tuesday, GST collection in January skyrocketed to over 1.55 lakh crore, making it the second largest monthly mop-up ever.
According to a statement released by the Ministry of Finance, “The gross GST revenue collected in the month of January 2023 till 5:00 PM on 31.01.2023 is 1,55,922 crore, of which CGST is 28,963 crore, SGST is 36,730 crore, IGST is 79,599 crore (including 37,118 crore collected on import of goods), and cess is 10,630 crore (including 768 crore collected on import of
The revenue collected for the GST in the current financial year up to January 2023 is 24 percent greater than the revenue collected in the same time of the previous fiscal year.
The amount of money collected through GST has already exceeded the mark of 1,500,000,000,000 rupees for the third time in the current fiscal year. The gross amount of GST mopped up in April 2022 was 1.68 lakh crore, making April 2022’s collection the biggest ever. The GST collection in January 2023 was the second highest ever.
“Throughout the course of the previous year, a number of initiatives have been carried out to broaden the tax base and strengthen compliance. The percentage of businesses who submit their GST returns (GSTR-3B) and statements of invoices (GSTR-1), before the end of the month, has dramatically increased over the course of the past several years “according to the ministry.
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As of the end of the next month, a total of 2.42 crore GST returns had been submitted for the quarter that ran from October to December 2022. This figure compares to 2.19 crore for the same quarter in the previous year. This is as a result of a number of different policy modifications that were implemented during the year to increase compliance, it was said.
