GST Collection: GST Collection may break all records in April 2023; Says Sources

GST collection in April 2023 is projected to shatter all prior records, according to sources. In the month of March, more than 9 crore E-way bills were generated, which is the biggest number ever. Furthermore, due to the strictness of compliance and the fact that it is the last month of the financial year, the expectation of a large collection has increased.

In April of last year, a record 1.67 lakh crore collection was made, and roughly 7.81 crore E-way bills were generated at the time.

The Indian government expected to collect Rs 1,60,122 crore in gross GST (goods and services tax) income in March 2023. This is the second-highest collection ever, trailing only the April 2022 collection. In FY23, monthly GST revenue collections were above Rs 1.4 lakh crore for the 12th consecutive month.

In an effort to broaden its tax base and catch tax evaders, the GST department announced in March that it will soon begin analysing ITRs filed by businesses and professionals, as well as MCA filings, to determine whether the entities are adequately discharging their GST liability and expanding the taxpayer base.

On May 1, 2023, the Ministry of Finance will announce the GST collected for the month of April 2023.