GST collections for the month of January stood at Rs 1.55 lakh crore, according to the data shared by finance ministry on Tuesday. This is the second highest mop-up next only to the collection reported in April 2022.
Giving a break-up of the collections, the ministry said that CGST accounted for Rs 28,963 crore, while the SGST stood at 36,730 crore. The IGST accounted for 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess was Rs 10,630 crore (including Rs 768 crore collected on import of goods).
“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 in the month of January 2023 after regular settlement is Rs 67,470 crore for CGST and Rs 69,354 crore for the SGST,” the release said.
The revenues in the current financial year upto the month of January 2023 are 24% higher than the GST revenues during the same period last year. The revenues for this period from import of goods are 29% higher and from domestic transaction (including import of services) are 22% higher than the revenues from these sources for the same period last year.
This is for the third time, in the current financial year, GST collection has crossed Rs 1.50 lakh crore mark.
“During the month of December 2022, 8.3 crore e-way bills were generated, which is the highest so far and it was significantly higher than 7.9 crore e-way bills generated in November 2022,” it said.
“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. In the quarter Oct-Dec 2022, total 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,” the release further said.