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In January 2023, Goods and Services Tax (GST) collections reached a remarkable Rs.1,55,922 crore, marking the second-highest total since GST’s introduction and exceeding October 2022 figures. This substantial revenue represents a 24% increase compared to the GST collections from the corresponding period last year.
Breakdown of January 2023 GST Collections
Based on a Press Information Bureau (PIB) release, the total collections comprised Rs.28,963 crore from Central GST (CGST), Rs.36,730 crore from State GST (SGST), and Rs.79,599 crore from Integrated GST (IGST). Notably, the IGST amount included Rs.37,118 crore derived from imported goods. Additionally, a cess of Rs.10,630 crore was collected, with Rs.768 crore specifically from the import of goods.
From these collections, the government allocated Rs.38,507 crore to CGST and Rs.32,624 crore to SGST as part of regular settlements from the IGST pool. Consequently, after these settlements, the combined revenue for the Central government was Rs.67,470 crore, and for the state governments, it was Rs.69,354 crore in January 2023.
This marks the third instance within the current financial year where GST collections have exceeded the Rs.1.5 lakh crore threshold.
Factors Influencing January 2023 GST Collection
Throughout the preceding year, the government implemented numerous initiatives, including policy adjustments and amendments to GST legislation, aimed at enhancing compliance and broadening the GST taxpayer base. Evidence of these efforts is reflected in the increased filing percentages for both GSTR-1 (outward supplies return) and GSTR-3B (summary return). The period from October to December 2022 demonstrated an upward trend in return submissions, with a total of 2.42 crore GST returns filed, an increase from 2.19 crore in the corresponding quarter of the prior year.
The Ministry of Finance officially announced the January 2023 GST collection figures through a Press Information Bureau release on January 31, 2023.